The Financial Conduct Authority (FCA) has warned that its proposed redress scheme for the British Steel Pension Scheme (BSPS) scandal could see advice firms pay over £140m in compensation.

The Financial Conduct Authority (FCA) is to change its methodology for calculating redress for non-compliant pension transfer advice.

The Financial Conduct Authority (FCA) was “consistently behind the curve” when responding to the British Steel Pension Scheme (BSPS) transfer scandal, according to MPs.

Wealth management trade body PIMFA has urged the government to compensate victims of the British Steel Pension Scheme from the Pension Protection Fund.