British Steel Pension Scheme transfer advisers warned as FCA plans redress scheme

By Neasa MacErlean

Pensiontransfer firms that advised members of the British Steel Pension Scheme totransfer out in 2017/18 are being told not to make unusual payments which woulddiminish their ability to pay compensation. The instruction comes from the FCA,which is planninga consultation on a redress scheme that would require firms to examinetheir own advice and pay compensation if the advice is “unsuitable and resultedin a financial loss” for the individuals.