by Stuart Fowler | Sep 27, 2022 | DB Pension Transfers
The FCA has consulted (CP22/15) on its detailed proposals for calculating consumer redress in cases where BSPS advice was found to be unsuitable, whether by FOS itself or independent assessors approved by the FCA. This follows an earlier consultation (CP22/6), still...
by Stuart Fowler | Jun 22, 2022 | DB Pension Transfers
We received the following information (30th May) in response to my FOI request concerning the FCA’s processes for DB-transfer file assessment and the extent of its reliance on a single third party, Grant Thornton. The relevance of the questions to the proposed...
by Stuart Fowler | May 20, 2022 | DB Pension Transfers
I have covered in three recent articles the work we have done in addressing the FCA’s proposals to introduce a redress scheme affecting everyone who advised any member of the closed BSPS Defined Benefit pension scheme to transfer out to a personal pension...
by Stuart Fowler | Mar 31, 2022 | DB Pension Transfers
Since I had written extensively about the feasibility of a redress scheme to cover advice to members of the British Steel Pension Scheme (BSPS), I want to comment briefly (even if too quickly) on the consultation paper published today by the FCA. I had set out in my...
by Stuart Fowler | Feb 21, 2022 | DB Pension Transfers
I wrote here that the entire basis of the FCA’s assessment of the suitability of transfers from a DB or final-salary scheme to personal pension in readiness for drawdown was so flawed on first principles as to make any s404 consumer redress scheme that relied on...
by Stuart Fowler | Feb 2, 2022 | DB Pension Transfers, Drawdown
In my recent article on the ‘false logic’ in the FCA’s guidance on transfers from DB pension schemes to personal pensions, I alluded to the risk of awards by the Financial Ombudsman Service (FOS) being biased by that logic. Searching FOS published...
