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...

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!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!