SPP flags range of issues with FCA transfer advice redress consultation

Society highlights series of problems it foresees with regulator’s plans

Jenna Brown
clock • 2 min read

The Society of Pension Professionals (SPP) has highlighted a series of problems it has identified in the Financial Conduct Authority’s (FCA) consultation paper on pension transfer advice redress following bad advice.

FCA Consultation Paper: Calculating redress for non-compliant pension transfer advice was released on 2 August and closes today, 27 September. Its purpose was to seek views on changes to the FCA's methodology for calculating redress for consumers who suffered financial loss from transferring from a defined benefit to a defined contribution pension scheme following non-compliant advice. This would cover former members of the British Steel Pension Scheme. The SPP said while it agreed the reinstatement of affected consumers into their original scheme would be the "ideal solution" afte...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Why documentation is king in the world of SSAS

Why documentation is king in the world of SSAS

'SSAS documentation - it isn't just best practice or a fiduciary requirement'

Caitlin Southall
clock 04 July 2025 • 4 min read
Steve Webb: Sceptical advisers should not give up on pensions dashboard

Steve Webb: Sceptical advisers should not give up on pensions dashboard

‘A big mistake to underestimate the impact it will have’

Jenna Brown
clock 03 July 2025 • 3 min read
What role can advisers play in closing the gender pension gap?

What role can advisers play in closing the gender pension gap?

Advisers are uniquely placed to influence the gender pension gap

Olivia Perry
clock 02 July 2025 • 7 min read