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...
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