FCA takes further action on BSPS advice and offers

FCA has taken action against a third firm that had made unsolicited offers to clients who had been BSPS members. David Stock & Co offered £50 to clients who had not yet complained.  FCA has imposed requirements on the firm which mean that any customer who accepted the offer will nonetheless be treated like anyone who did not, and have their right to redress calculated under FCA’s redress scheme rules.

FCA has also published a Dear CEO letter setting out its concerns over firms that have calculated redress using third party online providers, without any actuarial oversight, before the FCA scheme commenced. It says use of these tools seems to have been a contributing factor to the misleading offers and says all firms that have used third party services must review the offers they have made, even if those offers have been accepted on a full and final basis, and tell FCA of the findings.