FCA Plans Reform Of Pension Redress Calculation

By Alex Davidson (August 2, 2022, 5:05 PM BST) -- The Financial Conduct Authority proposed changes on Tuesday to the way it calculates compensation for former members of the British Steel Pension Scheme and other consumers wrongly advised to switch retirement savings into riskier pensions.

Some consumers would receive more redress for wrongly sold pension transfers at a time when the finance regulator faces criticism that it failed to protect British Steel workers from financial advisers exploiting them and was too slow to introduce a compensation scheme. 

"Until any updates take effect, firms will need to explain to their customers how they have arrived at a figure, and how this puts them...

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