Emma RadmoreFCA has updated its website summarising the steps firms involved in advice on BSPS transfers must take to comply with the FCA redress scheme. The page includes links to the DBAAT template and instructions, and notes that a redress calculator will be available by mid-April.
Firms will need to
- identify scheme cases by 28 March;
- report to FCA on consumers deemed within and outside scope by 14 April, and complete an initial progress report up to 28 March and update it every 2 weeks;
- submit DBAAT and BSPS calculator outputs;
- have reviewed whether advice was suitable by 28 September;
- calculate redress if advice was unsuitable;
- make offers to pay cash lump sums or payments into pensions where advice was unsuitable.