FCA cracks down on three firms evading BSPS redress scheme

The regulator is ensuring fair compensation for BSPS members

Sahar Nazir
clock • 1 min read

The Financial Conduct Authority (FCA) has imposed requirements on a further three firms which were seeking to avoid their liabilities under the British Steel Pension Scheme (BSPS) redress scheme.

The firms were associated with the British Steel Adviser Group and made unsolicited offers to its BSPS clients, who had not yet complained. Alpha Financial Services made offers of £100 to 100% of its clients, the regulator said, while QED Financial Associates made offers of £300 to 93% of its clients and Harvest Associates made offers of either £50 or £200 to 91% of its clients. The FCA said it is "seriously concerned" that these unsolicited settlement offers were not calculated in line with guidance. It described the offers as "a deliberate attempt to exclude former BSPS members" ...

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 Your profession

Women in Financial Advice Awards 2024 - Winners' gallery

Women in Financial Advice Awards 2024 - Winners' gallery

Photos from the awards ceremony held in London on 5 November

Professional Adviser
clock 07 November 2024 • 1 min read
 'Once-in-a-parliament reset': Reeves rules out future fiscal events of Autumn Budget's scale

'Once-in-a-parliament reset': Reeves rules out future fiscal events of Autumn Budget's scale

Public finances now on a 'firm footing'

Valeria Martinez
clock 07 November 2024 • 3 min read
Emotional intelligence training platform launches for advisers

Emotional intelligence training platform launches for advisers

Created by behaviour analyst James Woodfall

Isabel Baxter
clock 07 November 2024 • 2 min read