SPP flags range of issues with FCA transfer advice redress consultation

Society highlights series of problems it foresees with regulator’s plans

Jenna Brown
clock • 2 min read

The Society of Pension Professionals (SPP) has highlighted a series of problems it has identified in the Financial Conduct Authority’s (FCA) consultation paper on pension transfer advice redress following bad advice.

FCA Consultation Paper: Calculating redress for non-compliant pension transfer advice was released on 2 August and closes today, 27 September. Its purpose was to seek views on changes to the FCA's methodology for calculating redress for consumers who suffered financial loss from transferring from a defined benefit to a defined contribution pension scheme following non-compliant advice. This would cover former members of the British Steel Pension Scheme. The SPP said while it agreed the reinstatement of affected consumers into their original scheme would be the "ideal solution" afte...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

New pensions minister: Advisers cautiously welcome 'radical thinker' Torsten Bell

New pensions minister: Advisers cautiously welcome 'radical thinker' Torsten Bell

Former CEO of Resolution Foundation takes over pensions minister brief

Jenna Brown and Isabel Baxter
clock 15 January 2025 • 7 min read
Retirement confidence: Why are women still lagging behind?

Retirement confidence: Why are women still lagging behind?

'If we don't do better, the gender pensions gap won't be closing any time soon'

Laura Barnes
clock 14 January 2025 • 4 min read
Administrators reach sale deal for PSG's Unity SIPP

Administrators reach sale deal for PSG's Unity SIPP

Scheme operated around 5,500 SIPPs

Jen Frost
clock 10 January 2025 • 2 min read