The Financial Conduct Authority (FCA) has completed investigations into 30 advice firms that advised on British Steel Pension Scheme (BSPS) transfers with many still awaiting final decision notices and sanctions.
In an update released yesterday (27 June), the regulator said it had carried out about 30 investigations into forms and individuals regarding defined benefit (DB) transfer advice linked to BSPS and the process was now over. It listed the five investigations from which it had issued sanctions and said it was "working to reach final decisions on what sanctions are appropriate where we have found misconduct". The BSPS saga has haunted the advice profession since 2017 when the advice scandal first emerged. The FCA said about 8,000 people transferred out of the BSPS, and its evidence sugge...
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