FCA introduces emergency powers against British Steel advice firms

Tom Ellis
clock • 2 min read

The Financial Conduct Authority (FCA) has introduced emergency powers to prevent financial advice firms that advised members of the British Steel Pension Scheme (BSPS) from disposing of assets to avoid paying compensation. The regulator has introduced these rules without consultation, it said, because of fears firms would dispose of assets in the time it took to consult on the rules. The measures will apply from 27 April. The watchdog's temporary measures apply to firms that advised five or more BSPS members to transfer out of the scheme between 26 May 2016 and 29 March 2018.  Firm...

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