The BSPS Consumer Redress Scheme - Managing & Remediating Pensions Mis-Selling Risk

Introduction

With the new British Steel Pension Scheme (‘BSPS’) consumer redress scheme, in-scope firms should be implementing and aligning their redress processes.

Recent FCA enforcement action against a defined benefit (‘DB’) pension transfer advice firm indicates the robust and assertive approach the Regulator is taking in this area to protect vulnerable consumers and achieve good customer outcomes.

But what can firms do to manage DB pension transfer advice mis-sales and potential claims and complaints - and how far beyond the BSPS consumer redress scheme might the Regulator go to enhance its focus on firms who mis-sell DB pension transfer advice?

This webinar will address these critical questions and shed light on what this consumer redress scheme means for the industry from a legal and compliance risk perspective.

It is suitable for those looking to gain valuable insight into the recent key developments in the FCA’s DB pension transfer advice rules.

What You Will Learn

This webinar will cover the following:

• How we got here
• What the BSPS Consumer Redress Scheme is
• What the BSPS Consumer Redress Scheme means for the industry
• What firms need to be proactively doing re DB transfer mis-selling
• Beyond BSPS - FCA supervision and enforcement
• What firms ought to be proactively doing regarding DB pension transfer mis-selling/lessons from BPSS
• FOS/FSCS work

This webinar was recorded on 13th June 2023