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FCA to hold second DB seminar near British Steel site

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FCA to hold second DB seminar near British Steel site

The Financial Conduct Authority (FCA) will hold a seminar on defined benefit (DB) pension transfer advice in Doncaster next week, as the regulator looks to examine the advice being given to members of the British Steel Pension Scheme (BSPS). 

Steelworkers have until 11 December to decide whether to move with the old BSPS into the Pension Protection Fund (PPF), to switch onto the new scheme (BSPS2), or to transfer out of their defined benefit (DB) pension. 

Amid growing concerns about the advice being given to members on DB transfers, the regulator held seminars for advisers in Swansea, close to the Tata steelworks in Port Talbot.

The FCA has now confirmed that the next session will be held in Doncaster, close to the works in nearby Scunthorpe, on Tuesday 28 November. 

New Model Adviser® has previously reported widespread concern about members of the distressed pension scheme being targeted for pension transfers. 

FCA director of strategy and competition, Christopher Woolard, announced last week that the regulator was taking action to address transfers out of the scheme following the takeover of Tata last year. 

The FCA has also raised concerns more widely about DB transfer advice, with Megan Butler, executive director supervision, investment wholesale & specialists division, highlighting that some firms had moved to a 'commoditised, industralised process' when advising on DB transfers. 

Following a review of 88 DB transfer cases over a two-year period, the regulator revealed last month that less than half of the advice given on transfers was suitable, having already revealed that due to the findings, it would be expanding this work.  

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