Following the finalization of the new redress scheme in connection with the provision of (inadequate) advice to transfer out of the „British Steel Pension Scheme (BSPS)“ between 2016 and 2018 (please see EventID 18571 and / or PS22/14 in this context), the Financial Conduct Authority (FCA) has updated one Handbook provision as regards the „Final reminder to accept an offer“.
Specifically, the Authority has updated CONRED 4 Annex 16 containing a word template to be used by advisory firms which have determined that they owe money to their clients to remind clients of the fact that they can have the owed money added to their current pension product or that they may opt for the payment of a lump sum. The revised version applies from March 31, 2023 and must be used thereafter.
Other Features
assessment
due diligence
financial advisors
pension funds
Date Published: 2023-03-31
Date Taking Effect: 2023-03-31
Regulatory Framework: FCA Handbook
Regulatory Type: form
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