Asset restrictions placed on advice firms with BSPS bills

Quarter of advice firms who provided transfer advice fail financial resilience assessment

clock • 1 min read
British Steel, Port Talbot, Wales
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British Steel, Port Talbot, Wales

New rules which now apply to financial advice firms that provided pension transfer advice to ex-British Steel Pension Scheme (BSPS) members will mean some are subject to an asset restriction to ensure they can make appropriate redress payments.

The Financial Conduct Authority (FCA) announced that the emergency asset retention rules - which come into force today (22 August) - will apply to a total of 101 firms. The rules apply to firms ...

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