FCA cracks down on three firms evading BSPS redress scheme

The regulator is ensuring fair compensation for BSPS members

Sahar Nazir
clock • 1 min read

The Financial Conduct Authority (FCA) has imposed requirements on a further three firms which were seeking to avoid their liabilities under the British Steel Pension Scheme (BSPS) redress scheme.

The firms were associated with the British Steel Adviser Group and made unsolicited offers to its BSPS clients, who had not yet complained. Alpha Financial Services made offers of £100 to 100% of its clients, the regulator said, while QED Financial Associates made offers of £300 to 93% of its clients and Harvest Associates made offers of either £50 or £200 to 91% of its clients. The FCA said it is "seriously concerned" that these unsolicited settlement offers were not calculated in line with guidance. It described the offers as "a deliberate attempt to exclude former BSPS members" ...

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