Like the three wise men following the bright star, all compliance, calculations, case reviews and redress work as described in British Steel Pension Scheme (BSPS) PS22/14 will lead to the Financial Ombudsman Service (FOS) (in some shape of form).
The FCA has put down some serious markers with the publication of PS 22/14 and the requirements within CONRED 4 for the BSPS Redress scheme.
You might want to start here:
https://www.fca.org.uk/consumers/pension-transfer-defined-benefit/redress-calculations
Then here:
https://www.fca.org.uk/consumers/british-steel-pension-redress-scheme#revisions
(10 times either the FOS or FSCS are quoted on this one page).
That’s where any members of BSPS who were given advice to transfer out of the defined benefit pension scheme, will be directed. The FCA has already written to them. They are aware of what is going on.
You will also have to contact every one of your BSPS DB transfers. They will be expecting your note…
Read our T&C News article (link below) for a quick summary of a few things you might want to have a look at before the scheme commences on 28th February 2023.
Expert Pensions T&C News Article
You can also join us on our LIVE webinar on Thursday 26th January to discuss the BSPS Redress Scheme and see what a good explanation looks like in the form of a detailed explanatory redress report for BSPS members?
If you have missed our live webinar, you can view the recorded version and access the sample report by signing up to out PTS Knowledge Hub. Our PTS Knowledge Hub is designed to provide you with the knowledge and development required when working within the DB transfer market. You can complete your full PTS CPD requirement as set out by the FCA, all designed to provide useful, transferable content to improve the knowledge and practice of PTS’s, which can be incorporated into your business and client meetings.
