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FCA consults on changes to redress calculations for unsuitable pension transfer advice

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Published on: 02 August 2022

Published by LNB News

LNB News 02/08/2022

Document Information

Issue Date: 02 August 2022

Published Date: 02 August 2022

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

Following a periodic review, the Financial Conduct Authority (FCA) has published Consultation Paper CP22/15 on the calculation of redress for non-compliant pension transfer advice. The FCA is seeking views on changes to its methodology for calculating redress for consumers who suffered financial loss from transferring from a defined benefit (DB) to a defined contribution pension scheme following non-compliant advice, including former members of the British Steel Pension Scheme (BSPS). The consultation closes on 20 September 2022.

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