The Financial Conduct Authority (FCA) failed to protect former members of the British Steel Pension Scheme (BSPS) from foreseeable harm in the context of the defined benefit (DB) pension transfer market, the Complaints Commissioner has found.
In its final report into the regulator's response to the scandal, released today (26 March), the Complaints Commissioner said the FCA was aware of "significant risks in the DB transfer market" well before the BSPS restructuring. It added that the watchdog failed to take preventative action before advice was given to members of the scheme, it also failed to intervene during the time to choose period when members had to make key decisions and did not "respond with urgency once the damage had subsequently materialised". The report said: "The handling of BSPS transfers caused serious cons...
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