Regulatory Alerts2022-11-24
Added · Updated
Extended Asset Retention Requirement for Firms Under the British Steel Pension Scheme Consumer Redress Scheme
The document implements extended asset retention rules for firms that provided advice to transfer British Steel Pension Scheme members between 26 May 2016 and 29 March 2018, effective from 11:59pm on 31 January 2023. In-scope firms must complete a Financial Resilience Assessment to determine if they can meet contingent redress liabilities, with those arranging three or four transactions required to report their first assessment by 28 February 2023. Firms assessed as having insufficient assets are restricted from undertaking transactions not in the ordinary course of business until all relevant cases are resolved.
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