PFS warns FOS on BSPS and reminds 'half of transfers were suitable'

Body says consumers may end up paying bills ‘not justified by facts’

Hope William-Smith
clock • 1 min read

Consumers may end up paying compensation “not justified by the facts” if Financial Ombudsman Service (FOS) decisions do not follow the Financial Conduct Authority’s (FCA) approach on British Steel redress, the Personal Finance Society (PFS) says.

The comments today (28 November) from the Chartered body's director of policy and public affairs come after the FCA confirmed its final rules on compensation for members of the now-collapsed old British Steel Pension Scheme (BSPS). Matthew Connell said it was right to ensure that firms have the resources to pay compensation and said the industry "should remember that the FCA estimates that over half of transfer cases were found to be suitable". "This is in spite of a chaotic transition process to the new British Steel pension arrangements, in which key information was only given to me...

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

Labour scrapping higher rate pensions tax relief is 'politically unlikely'

Labour scrapping higher rate pensions tax relief is 'politically unlikely'

Despite being ‘potentially lucrative’

Isabel Baxter
clock 30 September 2024 • 4 min read
Failed Hartley Pensions clients face months-long SIPP transfer document delays

Failed Hartley Pensions clients face months-long SIPP transfer document delays

Frustrated client notes that communications were promised from April to June

Isabel Baxter
clock 29 August 2024 • 3 min read
British Steel pensions transfer advice debacle in numbers

British Steel pensions transfer advice debacle in numbers

‘The FCA continues to pursue those who gave poor advice’

Isabel Baxter
clock 29 July 2024 • 3 min read