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FCA consults on calculating redress for non-compliant transfer advice
United Kingdom | Publication | August 2022
The FCA has published a (very long) consultation paper on calculating redress for non-compliant pension transfer advice. The paper focuses on calculating redress for consumers who have suffered financial loss having received non-compliant advice which has caused them to transfer from a DB to a DC scheme. The consultation closes on September 20, 2022.
This follows an earlier consultation which applied to former members of the British Steel Pension Scheme (BSPS) where eligible members are due compensation after inappropriate transfers. The general redress scheme will have BSPS-specific features in that it will consider the structure of the BSPS and benefits available under it, had the members not transferred to a DC arrangement. Alongside its review of its methodology, the FCA has published a technical report and manual provided by Deloitte, and a legal opinion from Michael Furness QC.
The FCA’s methodology aims to put consumers (as far as possible) in the position they would have been in had they been given compliant advice and remained in their DB scheme. However, there are concerns surrounding outcomes for members advised by now insolvent firms.
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