BSPS compensation for alleged pension transfer mis-selling.

Roedd y cais yn rhannol lwyddiannus.

Dear The Financial Conduct Authority,

Please inform me how you have engaged with the Financial Services Compensation Scheme about the calculation of compensation claims in respect of compensation to former members of the British Steel Pension Scheme. Please limit the scope of this request to the past eighteen months.

Please provide me with details of corporate activity inbetween 26 Feb and 26 May about how you have publicised the issue of pension transfer mis-selling of the British Steel Pension Scheme, how much this has cost you, how/if you have gauged efficacy and what any efficacy results are.

Yours faithfully,

Al Rush.

The Financial Conduct Authority

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Dear The Financial Conduct Authority,

Thank you.

Yours faithfully,

Al Rush

The Financial Conduct Authority

Thank you for e-mailing the Financial Conduct Authority's Information Access Team. This is an automatic acknowledgement to tell you we have received your email safely. Please do not reply to this email. We will be in touch in due course.

This communication and any attachments may contain personal information. For more information about how and why we use personal information and who to contact with any queries about this, please see our privacy notices: FCA Privacy Notice (https://www.fca.org.uk/data-protection) and PSR Privacy Notice (https://www.psr.org.uk/cookies-privacy-a...).

This communication and any attachments contain information which is confidential and may be subject to legal privilege. It is for intended recipients only. If you are not the intended recipient you must not copy, distribute, publish, rely on or otherwise use it without our consent. Some of our communications may contain confidential information which it could be a criminal offence for you to disclose or use without authority. If you have received this email in error please notify [email address] immediately and delete the email from your computer. Further information on the classification and handling of FCA information can be found on the FCA website (http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the Payment Systems Regulator Limited, the FCA on behalf of the Payment Systems Regulator Limited / the Payment Systems Regulator Limited) reserves the right to monitor all email communications for compliance with legal, regulatory and professional standards.

This email is not intended to nor should it be taken to create any legal relations or contractual relationships. This email has originated from the Financial Conduct Authority (FCA), or the Payment Systems Regulator Limited.

The Financial Conduct Authority (FCA) is registered as a limited company in England and Wales No. 1920623. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

The Payment Systems Regulator Limited is registered as a limited company in England and Wales No. 8970864. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (the Payment Systems Regulator Limited)

Freedom of Information, The Financial Conduct Authority

1 Atodiad

Our ref: FOI6503

 

Dear Mr Rush

 

Freedom of Information: Right to know request

 

Thank you for your request under the Freedom of Information Act 2000 (“the
Act”) dated 29 May 2019, for the following information (numbered for ease
of reference):

 

 1. “Please inform me how you have engaged with the Financial Services
Compensation Scheme [FSCS] about the calculation of compensation
claims in respect of compensation to former members of the British
Steel Pension Scheme.  Please limit the scope of this request to the
past eighteen months. 

 

 2. Please provide me with details of corporate activity in between 26 Feb
and 26 May about how you have publicised the issue of pension transfer
mis-selling of the British Steel Pension Scheme, how much this has
cost you, how/if you have gauged efficacy and what any efficacy
results are.”

 

Your request has now been considered, and our response is as follows:

 

 1. We have corresponded and met with the FSCS on compensation for
steelworkers who transferred pensions from the British Steel Pension
Scheme [BSPS] in a number of occasions. In particular, the
correspondence has focused on the extent to which the ‘guidance for
firms on how to calculate redress for unsuitable defined benefit
pension transfers’ (FG17/9, available [1]here) is relevant to the FSCS
in its consideration of cases relating to BSPS.

 

 2. During the period relevant to your request, the FCA made the necessary
arrangements and preparation for a series of events in Port Talbot,
which have been designed to provide information for former BSPS
members concerned about the advice they may have received when they
transferred their pension out of the scheme. Further detail on this
can be seen [2]here.

 

The first of these events took place on 14 June 2019 at a cost of £2090.40
for venue hire. The costs for future events are likely to vary slightly.

 

We do not hold information on the costs incurred in relation to the
planning of the events by FCA staff, as this formed part of the everyday
‘business as usual’ tasks undertaken by the FCA.

 

The next event will be on 28 June 2019, and two more are due to be held in
July and August on dates which will be announced shortly.

Yours sincerely

 

Information Disclosure Team

[3]Description: cid:image001.png@01D2A7C9.64DDD390

 

12 Endeavour Square

London

E20 1JN

 

 

 

This communication and any attachments may contain personal information.
For more information about how and why we use personal information and who
to contact with any queries about this, please see our privacy notices:
FCA Privacy Notice (https://www.fca.org.uk/data-protection) and PSR
Privacy Notice
(https://www.psr.org.uk/cookies-privacy-a...).

This communication and any attachments contain information which is
confidential and may be subject to legal privilege. It is for intended
recipients only. If you are not the intended recipient you must not copy,
distribute, publish, rely on or otherwise use it without our consent. Some
of our communications may contain confidential information which it could
be a criminal offence for you to disclose or use without authority. If you
have received this email in error please notify [email address]
immediately and delete the email from your computer. Further information
on the classification and handling of FCA information can be found on the
FCA website
(http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the Payment Systems Regulator
Limited, the FCA on behalf of the Payment Systems Regulator Limited / the
Payment Systems Regulator Limited) reserves the right to monitor all email
communications for compliance with legal, regulatory and professional
standards.

This email is not intended to nor should it be taken to create any legal
relations or contractual relationships. This email has originated from the
Financial Conduct Authority (FCA), or the Payment Systems Regulator
Limited.

The Financial Conduct Authority (FCA) is registered as a limited company
in England and Wales No. 1920623. Registered office: 12 Endeavour Square,
Stratford, London, E20 1JN, United Kingdom

The Payment Systems Regulator Limited is registered as a limited company
in England and Wales No. 8970864. Registered office: 12 Endeavour Square,
Stratford, London, E20 1JN, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (the Payment
Systems Regulator Limited)

References

Visible links
1. https://www.fca.org.uk/publication/final...
2. https://www.fca.org.uk/news/press-releas...