FCA set to prepare advice redress scheme for British Steel transfers

The FCA will prepare a redress scheme for former British Steel Pension Scheme (BSPS) members once its board approves the consultation documents.  The FCA has set out its expectations, through one of its 'Dear CEO' letters, that firms in the scope of a potential redress scheme should retain assets and adequate financial resources, and should not try to avoid their responsibilities. The redress scheme will be limited to BSPS transfer advice given between 1 March 2017 and 31 March 2018, which the regulator said was a "highly exceptional case". The FCA said its analysis indicated signific...