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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