FCA has confirmed its new rules that extend the asset retention requirement for firms who advised British Steel pension scheme members on transferring out. The new rules, effective from 31 January (when the current temporary restriction expires), extend the restriction for firms until the relevant firm has resolved all relevant cases both within and outside the FCA’s redress scheme.
FCA has also written to the CEOs of firms that have either received proceeds from transfers or are involved in managing transferred assets. The letter notes that the firms may receive requests for information from advice firms and stresses FCA’s expectation that the firms will comply. Firms should have the resource to identify relevant requests and reply to them within 4 weeks of receipt. FCA says it will be checking whether firms are responding in a timely manner and may take action if it identifies material non-compliance.