Firm issued notices over British Steel advice loses complaint against FCA

Complaints Commissioner confirms case must go to the Upper Tribunal

Hope William-Smith
clock • 3 min read

An advice firm that was issued with supervisory notices relating to advice it issued around British Steel Pension Scheme (BSPS) transfers has failed to have its complaint against the Financial Conduct Authority (FCA) formally upheld.

In a Complaints Commissioner final decision notice published yesterday (1 December), commissioner Amerdeep Sohal backed the FCA over its communications with the complainant about how to proceed their case. It comes after a complaint was made to Sohal in August regarding the FCA's issuing of a first supervisory notice and second supervisory notice (SSN) to the firm - ‘firm A' - over transfer advice. The complainant told Sohal the FCA documents "contain inaccuracies" and that they were not given a fair opportunity to respond to the regulator. "[The complainant] has explained that the...

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