FCA warns firms on DB pension redress calculation rules

It said a minority of firms were not considering ongoing fund costs and/or fully allowing for ongoing adviser charges in the redress calculations. It pointed out, Final Guidance 17/9, released in 2017 and updated earlier this year, should be followed. The regulator also said some of these firms may also "be unfairly terminating consumer contracts after consumers make a complaint". A statement said: "We are looking into these matters and where we identify firms not calculating redress correctly, we will take action using the full range of our powers which may include appointing an inde...