Redress paid out by the Financial Services Compensation Scheme (FSCS) to clients of collapsed British Steel firm Active Wealth UK has now surpassed the £1m mark.
To date, the lifeboat fund has paid out £1.1m in compensation to former Active Wealth clients, including former members of the British Steel Pension Scheme (BSPS). The FSCS has also revealed it is using an up-to-date transfer value to calculate the steelworkers redress, and had chosen to partially compensate them for their ongoing adviser charges. The lifeboat fund told Professional Adviser it always takes account of adviser charges (incurred or projected) in its methodology when we calculate the value of the pension rights foregone. In these cases additionally, it is compensating the...
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