FCA takes action against 3 more firms for BSPS settlement offers

FCA has taken action against Alpha Financial Services, QED Financial Associates and Harvest Associates, all of whom had made unsolicited offers of between £50 and £300 to over 90% of their clients, who had not yet complained about advice received on transferring out of the British Steel Pension Scheme. FCA is seriously concerned the offers were not calculated in line with its guidance and were a deliberate attempt to exclude the individuals from the redress scheme. All firms must now ensure that any customer who accepted the offer is treated in the same way as any who did not.

Emma Radmore