A new report into the BSPS debacle has heavily criticised regulators including the FCA and TPR.
The Financial Services Compensation Scheme (FSCS) has revealed it has so far paid out £1.1m to former Active Wealth clients hit by the British Steel pensions debacle.
The CISI Annual Financial Planning Conference heard yesterday from an expert panel that many lessons can be learned from the BSPS debacle and more must be done to stop a repeat.
A pensions expert has spoken of the personal risks he faced when helping members of the BSPS pension scheme affected by the recent transfer debacle.
The Financial Services Compensation Scheme has listed 11 failed advice firms it declared in default in March in a move which will mean some British Steel Pension Transfer clients being compensated.
The Financial Conduct Authority has today proposed a ban on contingent charging on pension transfers and reaffirmed its view that DB transfers should be considered unsuitable unless there is a good reason to transfer.
National Financial Planner and retirement specialist LEBC has backed the Work & Pensions Select Committee’s call for a ban on contingent charging for pension transfer advice.
More than 150 complaints have been lodged with The Pensions Ombudsman relating to the British Steel Pension Scheme.
British Steel Pension Scheme trustees were urged to discuss “the importance of obtaining independent financial advice” with members, amid a major restructuring of the scheme, a report has revealed.
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