FCA uses emergency powers on BSPS advisers

FCA has made rules using its emergency powers to prevent firms taking steps to dispose of their assets to avoid paying compensation in relation to BSPS pension transfer advice. It says it is introducing the rules without consultation in light of the risks of firms taking steps to get rid of assets if there had been prior notice or consultation. The measures will apply from 27 April, and will apply to any firm that advised 5 or more BSPS members to transfer out of the scheme between 26 May 2016 and 29 March 2018.

All in-scope firms will need to tell FCA whether they can meet the potential redress costs.


Emma Radmore