FCA told redress methodology 'inadequate'

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FCA told redress methodology 'inadequate'
Photo: EVG Culture via Pexels
BySimoney Kyriakou

Philippa Hann, partner at Clarke Willmott, the law firm helping former BSPS members, commented: "After two-and-a-half years of banging the drum, and seven meetings with a changing number of the FCA's representatives, it finally felt like we were genuinely being listened to by people who want to see change. Time will tell but I'm hopeful."

Last week, FTAdviser reported that DB transfer victims could be receiving a payout of an average of 40 per cent less than the £85,000 maximum from the Financial Services Compensation Scheme thanks to the methodology.

Rush and campaigners have vowed to work together to help improve the redress calculation and the manner of the payout to prevent further potential losses for DB transfer victims in the UK.

The FCA has been approached for comment.