Consumers may end up paying compensation “not justified by the facts” if Financial Ombudsman Service (FOS) decisions do not follow the Financial Conduct Authority’s (FCA) approach on British Steel redress, the Personal Finance Society (PFS) says.
The comments today (28 November) from the Chartered body's director of policy and public affairs come after the FCA confirmed its final rules on compensation for members of the now-collapsed old British Steel Pension Scheme (BSPS). Matthew Connell said it was right to ensure that firms have the resources to pay compensation and said the industry "should remember that the FCA estimates that over half of transfer cases were found to be suitable". "This is in spite of a chaotic transition process to the new British Steel pension arrangements, in which key information was only given to me...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
