FCA monitoring British Steel pension advisers
The FCA has announced that it is looking into the suitability of the advice that firms gave to members of the British Steel Pension Scheme.
The regulator says any former members who were given financial advice to transfer out of the BSPS, and are unsure if the advice was suitable, should make a complaint to the firm that provided the advice.
If complainants do not get a response within 8 weeks, or don’t agree with the response, the FCA is advising them to refer the complaint to the Financial Ombudsman Service.
The Ombudsman can currently award compensation of up to £150,000.
In a statement, the FCA said it is "closely monitoring firms that are, or have been, active in this sector – particularly those that have been involved in BSPS transfers".
The regulator also reminded regulated advice firms to keep their Personal Indemnity Insurance provider updated about any claims that are being made.
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
FCA
Firms required to report complaints involving vulnerable customers under simplified FCA rules
Santander
Santander joins mortgage price war with new rates from 3.51%
FCA
FCA sets out timeline for mortgage rule changes
State Pension
Budget: Government signals income tax write off for state pensions exceeding personal allowance
This week's biggest stories:
FCA
Firms required to report complaints involving vulnerable customers under simplified FCA rules
Santander
Santander joins mortgage price war with new rates from 3.51%
FCA
FCA sets out timeline for mortgage rule changes
State Pension
Budget: Government signals income tax write off for state pensions exceeding personal allowance
FCA
FCA announces new measures to support growth of mutuals sector
Nationwide
FCA fines Nationwide £44m for inadequate financial crime controls
