A recent update by the Financial Conduct Authority (FCA) has illustrated the extent of British Steel Pensions Scheme (BSPS) redress efforts.
The FCA's work has led to 15 individuals being banned from financial services or holding certain roles, the regulator confirmed in a July 24 update. More than 30 enforcement investigations have been carried out by the FCA related to BSPS transfer advice. Upwards of £100m of redress has been offered to former BSPS members, while FCA fines have totalled £8.87m. Some of the bans and fines are being appealed. Where appropriate, rather than imposing financial penalties, the regulator said it has sought payments to be made to FSCS to "ensure those responsible for the wrongdoing contribut...
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