FCA To Consult On British Steel Pension Redress Scheme
By Martin Croucher (December 22, 2021, 11:15 AM GMT) -- The Financial Conduct Authority said on Wednesday that it is considering setting up a redress scheme for thousands of former steelworkers who were persuaded by rogue advisers to transfer their pension savings out of a "gold-plated" retirement plan.
The regulator said that it would open a consultation in March next year on the plans, under which advisers found responsible for providing poor advice would pay compensation to members of the British Steel Pension Scheme who were affected.
The FCA estimates that 3,427 former steelworkers were advised to transfer out of the defined benefit plan, a type of pension scheme that is...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!