What happened?
The British Steel Pensions Scheme (BSPS) redress scheme has commenced, giving affected advisory firms until February 2024 to review pension transfer advice, complete complex redress calculations, and issue compensation payments to clients.
Writing in Money Marketing, TCC’s Actuarial and Redress Director Harry Eastwood discusses the challenges firms face under this compressed timeline and shares a practical three-point plan to ensure compliance without compromising accuracy.
Why does it matter?
Resolving BSPS redress claims is highly sensitive and complex. Under the FCA’s strict supervision, advisory firms must calculate redress with extreme precision to avoid further compliance breaches, while scaling their operational capacity to meet the statutory deadlines.
Supporting sources
Frequently asked questions
What is the deadline for the BSPS redress scheme?
Firms have until February 2024 to review past advice, perform redress calculations, and pay affected customers under the BSPS redress scheme.
How can firms maintain accuracy under compressed BSPS timelines?
Firms should deploy experienced pension transfer experts and structured actuarial processes to handle complex calculations efficiently without sacrificing detail.
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