The Financial Conduct Authority (FCA), along with the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS), have offered £106m in redress to 1,870 former British Steel pension scheme (BSPS) members but its redress scheme has paid out far less than expected.
The FCA said that money paid out under its redress scheme was £8.7m, much lower than its £50m estimate. The regulator cited "changing economic conditions". In a report published today (July 24), the FCA said the £106m total comprised £69.7m from the FSCS (pre-scheme), £19.3m from the FCA skilled person review, £8.4mn from the FOS, and £8.7m from the FCA's redress scheme. The regulator has been working with both organisations to help those who transferred out of the BSPS after poor advice. It estimated 1,744 former members received unsuitable advice but were not offered a redress pa...
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