FCA vows to fight British Steel redress scheme legal challenge

Advisory firms in British Steel Action Group take court action against compensation

Jenna Brown
clock • 2 min read

The regulator has vowed to fight court action taken by a group of advisory firms challenging the validity of its British Steel redress scheme.

The Financial Conduct Authority (FCA) said a case had been brought against its decision to establish a redress scheme for former members of the British Steel Pension Scheme (BSPS) who were wrongly advised to transfer out of the defined benefit (DB) plan. The legal challenge, it explained, was made by members of the British Steel Action Group - made up of advisory firms - and its solicitors FS Law, also known as FS Legal Solicitors. The FCA said: "We are confident that our decision to set up a redress scheme is appropriate and will vigorously defend it. In making our decision we consid...

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