Advisers are calling out the failures of the Financial Conduct Authority’s (FCA) redress scheme for British Steel Pension Scheme (BSPS) members who received unsuitable advice, suggesting past compensation has not gone far enough.
Earlier this week, the regulator published its final rules for BSPS redress, and almost 1,000 former members are now expected to receive around £49m in total redress from almost 350 advice firms from February. Talking to Professional Adviser about the long-awaited scheme, Echelon Wealthcare principal and IFA Alastair Rush said: "I think the first thing is it's nice that there is an end in sight, but it's a shame it was not done five years ago. If it was, then the men would be in a far better position." He added: "I think that they are not addressing the issue of people who have alread...
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