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...

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