FCA catches firm offering compensation of £50 to BSPS victims

Regulator has come down hard on Welsh advisory firm David Stock & Co

Hope William-Smith
clock • 1 min read

Newport firm David Stock & Co has been blasted by the Financial Conduct Authority (FCA) after it was found to be offering British Steel Pension Scheme (BSPS) victims just £50 in compensation.

The regulator said on Friday (19 May) that the "unsolicited settlement offers were not calculated in line with guidance" and were "a deliberate attempt to exclude former BSPS members from the redress scheme". The scheme, which launched in February, pays out former members of the collapsed scheme compensation of £45,000 on average. The FCA stated: "We have imposed requirements on David Stock & Co, which mean consumers who accepted these unsolicited offers must be treated in the same way as those who did not. This will ensure all eligible David Stock & Co customers receive the redress t...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Advertising watchdog upholds complaint against car rental 'investment' firm

Advertising watchdog upholds complaint against car rental 'investment' firm

Second complaint to be upheld against the business in just over a month

Jen Frost
clock 07 May 2025 • 4 min read
FCA seeks feedback on cryptoasset trading regulation

FCA seeks feedback on cryptoasset trading regulation

Aims to build confidence in the sector

clock 02 May 2025 • 1 min read
Schroders becomes first to adopt all four SDR labels

Schroders becomes first to adopt all four SDR labels

Includes 'Sustainability Mixed Goals' label

Linus Uhlig
clock 27 January 2025 • 1 min read