The Complaints Commissioner has sided with the Financial Conduct Authority (FCA) against a complainant who raised concerns about how they did not receive any compensation from the Financial Services Compensation Scheme (FSCS) on their claim against a firm regarding British Steel Pension Scheme (BSPS) transfer advice.
The decision by commissioner Amerdeep Sohal - published on 4 January - outlined the complainant's case, which stemmed from their experience receiving advice to transfer out of their BSPS arrangement. The complaint, submitted on 19 December, stated that the FCA is responsible for the fact that the FSCS did not award the complainant with any compensation because it "did figures at the time of transfer not three years later". The complainant also claimed that the BSPS redress calculation rules that the FCA put in place for firms are "unfair", to which Sohal responded that the rules are p...
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