The FCA has today forced a further three firms to reverse the effects of misleading British Steel Pension Scheme (BSPS) offers.

The FCA has imposed restrictions on a financial adviser firm based in South Wales to prevent it from making unsolicited offers of £50 in redress to BSPS members.

A legal challenge against the Financial Conduct Authority’s decision to set up a redress scheme for former British Steel Pension Scheme (BSPS) members has been scrapped.

The Financial Conduct Authority said today that its expects more than 1,000 British Steel Pension Scheme (BSPS) members hit by poor pension transfer advice to start receiving redress calculations in 2023.

The FCA is to consult on launching a redress scheme for pension transfer victims of the British Steel Pension Scheme (BSPS) debacle.