Pre-redress scheme outcomes
According to the report, before the scheme started, the Fos received just under 1,500 complaints from members, of these 455 were referred to the FSCS and a small number fell outside its jurisdiction.
Of the remainder, 86 per cent of cases were upheld in the consumer’s favour, the FCA reported.
Meanwhile, before the scheme, 1,768 former BSPS members made a claim with the FSCS, with 1,257 being upheld and 302 claimants were found to have received unsuitable advice but were not owed any redress as they were no worse off financially as a result.
Action against firms and individuals
The report also revealed that the FCA has carried out around 30 enforcement investigations into BSPS transfer advice.
So far this has resulted in 15 individuals being banned from working in financial services or holding a specific role.
As well as firms or individuals being required to pay fines or make payments to FSCS totally £8.87mn.
The regulator encouraged former BSPS members who have either not yet had their advice reviewed or not yet received the result of their redress calculation to check if the firm that gave them advice had gone out of business and if so, to make a claim with the FSCS.
alina.khan@ft.com
