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British Steel Redress Commencement

British Steel Redress Commencement

Today’s latest news which has been released on City Wire, confirms that the FCA (Financial Conduct Authority) have asked for firms to complete a survey on their work relating to the BSPS (British Steel Pension Scheme). This request have been sent to over 2,500 firms in preparation for the redress scheme for those clients that received negligent transfer advice.

The survey asks for the following:

  1. How many clients were advised (BSPS clients)
  2. Valuations of the transfers that were completed
  3. Number of complaints received in retrospect of the advice
  4. Whether the insurance on these claims cover BSPS claims

The redress is applicable to BSPS transfer advice that was provided between 1st March and 31st March 2018.  If the advice provided was sought to be unsuitable for the client then compensation is to be provided. It was stated that approximately 47% of the advice given was unsuitable.

In September 2021, the FSCS said that compensation pay-outs relating to BSPS advice had hit a total of £21.5m. As a result of negligent transfer advice, this led to the steelworkers to approach the FCA, FOS or FSCS to make claims.

If you have been affected by any financial mis-selling, seek our help today by contacting us to discuss further.