British Steel scandal 'illustrates scale of the redress problem'

FCA and FOS joint call for input is ‘necessary’

Isabel Baxter
clock • 4 min read

The British Steel Pension Scheme (BSPS) serves as a strong illustration of the scale of the financial services redress problem and the growing need for change within the Financial Ombudsman Service (FOS), a lawyer has told Professional Adviser.

Following the Financial Conduct Authority (FCA) and FOS call for input (CFI) released after chancellor Rachel Reeves' Mansion House speech, co-head of Shoosmiths Edinburgh disputes and resolution practice Andrew Foyle said this will give a clearer idea of how schemes will operate in the future and how they will interact with the wider complaints process. "It was nonetheless recognised that regulatory reform is necessary in a post-crash, post-covid world, where economic recovery requires to be put at the centre. As part of that growth journey, the regulatory framework, and in particular t...

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