CONRED 4 Annex 20 BSPS DBAAT CONRED 4 Annex 16 Final reminder to accept offer

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 published two corresponding final Rule Book provisions applying from February 28, 2023:
1. CONRED 4 Annex 20 BSPS DBAAT (Defined Benefit Advice Assessment Tool) and
2. CONRED 4 Annex 16 Final reminder to accept offer.
The first one, the DBAAT, needs to be used by pension advisers and their firms to review all customer cases that fall within the above noted time period to assess the adequacy of advice provided to scheme members. The second one is 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.