Regulatory Alerts2022-03-30
Added · Updated
PS22/14: Consumer redress scheme for unsuitable advice to transfer out of the British Steel Pension Scheme
The Financial Conduct Authority implements final rules for an opt-out redress scheme requiring firms to assess advice given to British Steel Pension Scheme members to transfer out between 26 May 2016 and 29 March 2018. Firms must pay redress to consumers who suffered financial loss due to unsuitable advice, with payments due within 28 days of acceptance, and must refer cases deemed suitable to the Financial Ombudsman Service. The scheme covers approximately 1,100 consumers, with firms required to identify in-scope cases and notify them by 28 March 2023, complete suitability assessments by 28 September 2023, and calculate redress by 28 December 2023.
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