Two firms that have been making unsolicited settlement offers to former members of the British Steel Pension Scheme (BSPS) have been publicly blasted by the Financial Conduct Authority (FCA).
The regulator today (22 February) said it had issued Sheffield-based Abbey Lane Financial Associates and Swansea-based Estate Capital Financial Management with supervisory notices. Abbey Lane made offers of £100 to 82% of its clients who were BSPS members, while Estate Capital's offer was £300 to 83% of its former BSPS members. The FCA said the offers were "significantly misaligned" with the average calculated redress that will be handed out under the formal redress scheme. The scheme, which began this month, will see an average £45,000 per affected BSPS former member who received uns...
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