The Financial Conduct Authority, FCA, has published several documents in connection with the new redress scheme for customers that were wrongfully or poorly advised to transfer out of the British Steel Pension Scheme (BSPS) following the financial difficulties of the scheme’s sponsor in 2016 and the subsequent restructuring in 2017 and 2018.
Specifically, the documents are aimed at and shall be used by persons reviewing the performed assessment of financial advisory firms to ensure that all steps outlined in the corresponding policy statement (PS22/14) have been performed in accordance with the new redress scheme. The documents may also serve as a practical guide for firms to assess their own compliance in this matter. The documents are the following:
BSPS DBAAT Template
BSPS DBAAT Instructions
DBAAT and redress calculator submission template
BSPS DBAAT Template [xlsx] BSPS DBAAT Instructions [pdf] DBAAT and redress calculator submission template [xlsx]
ID
22055
Other Features
assessment
compliance
due diligence
financial advisors
investment firms
pension funds
recovery
supervisory practices
Date Published: 2023-02-28
Regulatory Framework: FCA Handbook
Regulatory Type: information
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