New emergency asset retention rules now apply to 101 firms that provided pension transfer advice to ex-British Steel Pension Scheme (BSPS) members with 26 of these firms subject to an asset restriction, the Financial Conduct Authority (FCA) has confirmed.
The regulator said the rules apply to firms who provided pension transfer advice to BSPS members between 26 May 2016 to 29 March 2018, unless specifically excluded. It first announced emergency rules on 25 April 2022 to prevent firms who advised BSPS members to transfer their benefits out of the scheme from disposing of assets to avoid paying compensation under a potential consumer redress scheme. The rules came into force on 27 April 2022 and will continue until 31 January 2023. The FCA said: "These emergency rules increase the likelihood that former BSPS members will get compens...
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