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

  • 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

Curry: "Design standards are vital for consumer protection."

Pensions dashboard design standards consultation opens

PDP consultation closes to responses on 16 February 2023

Holly Roach
clock 02 December 2022 • 1 min read
FCA launches paper on dashboard provider rules

FCA launches paper on dashboard provider rules

'Welcome next step towards making dashboards a reality'

Holly Roach
clock 01 December 2022 • 2 min read
SIPP borrowing for commercial property investment explained

SIPP borrowing for commercial property investment explained

Helping clients navigate a pension lending 'journey'

Caitlin Southall
clock 01 December 2022 • 4 min read