FCA reveals £71.2m British Steel compensation scheme after 'unique' advice failures

Jenna Brown
clock • 2 min read

The Financial Conduct Authority (FCA) has set out its plans for a British Steel Pension Scheme (BSPS) redress plan totalling £71.2m. In a consultation, released on Thursday 31 March, it said firms involved in BSPS transfers would be required to review the advice they gave, identify if it was unsuitable, and calculate and pay redress to consumers where required. It said the scheme will apply to 343 advisory firms. It said: "BSPS is a highly exceptional case. Our evidence, suggests 46% of transfers were unsuitable. "This suggests much higher levels of poor advice compared with that w...

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