Dear CEO letter: British Steel Pension Scheme (BSPS) – third party information requests [pdf]

Following the announcement of the new redress scheme for customers that have been wrongfully advised with respect to the „British Steel Pension Scheme (BSPS)“, the Financial Conduct Authority (FCA) has now published a Dear CEO Letter primarily addressed at firms currently managing transferred assets of affected customers or that have received proceeds in this context. Therein, the FCA briefly describes that it expects those firms to cooperate with information requests from financial advisory firms, the Financial Ombudsman Service, or the Financial Services Compensation Scheme (FSCS) in order to help them determine any potential redress claims of clients – as required under the new redress scheme – as these parties may not have all the information needed for their assessment. Such information may include, but is not limited to the following – as quoted:
– current information about the consumer and
– the benefits customers would have received had they not transferred out of BSPS and the current value of the transferred proceeds, including any withdrawals already taken.
The FCA expects firms to provide the required information in a timely manner.