Information about the FCA’s redress scheme for members of the British Steel Pension Scheme (BSPS)

The financial services regulator, the Financial Conduct Authority (FCA) has today published details of a redress scheme for former members of the British Steel Pension Scheme (BSPS). 

Former British Steel Pension Scheme (BSPS) members who received unsuitable advice to transfer out of the pension scheme between 26 May 2016 and 29 March 2018 may be due compensation.

Businesses will be required to assess the advice they gave on all cases within the scope of the redress scheme and pay compensation to consumers for any loss caused by unsuitable advice. The redress scheme will come into effect from 28 November 2022. More information about the scheme can be found on the FCA’s website.

What this means for former BSPS members

If you have submitted your complaint to us, you don’t need to do anything else now. We will continue to investigate complaints that are already with us.

If you haven’t complained to us and received advice between 26 May 2016 and 29 March 2018, the business who provided you the advice will get in touch with you directly about the redress scheme after 28 February 2023.  

Complaints that are brought to us outside the redress scheme will be subject to the time limits that affect whether we can or can’t help with a complaint.

The redress scheme won’t cover former pension scheme members who have already accepted and received a compensation payment, or those who have already referred a complaint to us. 

You can find more information about how you make a complaint to us, what the FCA redress scheme covers and when you need to take action in our information on British Steel Pension Scheme (BSPS)

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