The Financial Conduct Authority (FCA) has published final rules to extend asset retention rules for certain firms who provided transfer advice to British Steel Pension Scheme (BSPS) members.
The regulator said that this intervention will help ensure that the firms responsible for giving bad BSPS advice meet the cost of the redress liabilities that arise and reduce the risk that the firm fails with costs being passed to Financial Services Compensation Scheme (FSCS) levy payers. Following a consultation in November 2022, the regulator has confirmed that the temporary BSPS asset retention rules will be extended so that they continue to apply until firms have resolved all relevant BSPS cases that are subject to the rules of the BSPS consumer redress scheme as well as other relev...
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