More firms found to be misleading British Steel victims over redress

Regulator says most are associated with the British Steel Action Group

Hope William-Smith
clock • 1 min read

Several advice firms within the action group that has mounted a legal challenge against the Financial Conduct Authority’s (FCA) British Steel redress scheme have been found to have engaged in misconduct.

The regulator today (7 February) said it had identified a further 15 firms who are offering misleading and unsolicited redress offers to former British Steel Pension Scheme (BSPS) members. It comes after the FCA raised concerns at the end of last month about the emerging practice of firms making unsolicited offers, ahead of the official opening of its redress scheme on 28 February. The watchdog has confirmed "most" of the 15 firms are associated with the British Steel Action Group (BSAG). This comes only two weeks on from the BSAG - which also includes solicitors FS Law - announcin...

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 Regulation

Scottish advice firm Crosbie Carr Morris declared failed

Scottish advice firm Crosbie Carr Morris declared failed

The Financial Services Compensation Scheme issued notice yesterday

Hope William-Smith
clock 15 September 2023 • 1 min read
FSCS declares advice firm in Oxford and firm in London in default

FSCS declares advice firm in Oxford and firm in London in default

Focus Oxford and Leslie & Swallow no longer able to do business

Hope William-Smith
clock 15 September 2023 • 1 min read
Complaint about FCA's 'significant' DB transfer market mess unresolved

Complaint about FCA's 'significant' DB transfer market mess unresolved

‘FCA cannot be held accountable for the rules they have created’

Hope William-Smith
clock 19 June 2023 • 1 min read