Following the publication of a final policy statement (PS23-1) to extent the asset retention requirements of firms affected by the „British Steel Pension Scheme consumer redress scheme“ (please see Event ID 19355 in this context for a detailed description of the requirements), the Financial Conduct Authority, FCA, has now published the corresponding regulatory instrument (FCA 2023/1: British Steel Pension Scheme (Financial Resilience) (No 2) Instrument 2023). The instrument thereby modifies the Consumer Redress Schemes sourcebook (CONRED) accordingly basically to require firms to refrain from disposing any assets or from performing transactions that are out of the ordinary scope of business until they can prove that they can meet all potential redress claims.
FCA 2023/1: British Steel Pension Scheme (Financial Resilience) (No 2) Instrument 2023
ID
21606
Other Features
assessment
financial advisors
own funds
pension funds
restrictions
retail investors
Date Published: 2023-01-27
Date Taking Effect: 2023-01-31
Regulatory Framework: FCA Handbook
Regulatory Type: regulation
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