The group of advisory firms challenging the validity of the Financial Conduct Authority’s (FCA) British Steel redress scheme have dropped their legal case.
The British Steel Adviser Group (BSAG) - which is made up of a range of advice firms and its solicitors FS Law - was formed at the start of the year following the watchdog's establishment of the official redress scheme. At the time, the FCA said it would "vigorously defend" the scheme which opened in February and is set to pay out £49m in total redress to around 1,000 former members of the British Steel Pension Scheme. Today, the regulator said it welcomed the news that BSAG would no longer pursue its legal challenge against the redress, adding the group's actions were "without merit"...
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