FCA gets tough with advisory firm trying to buy off BSPS complainants
The FCA stated that it “will not tolerate any attempt from firms to exclude former BSPS members from the redress scheme and we will take further action to put a stop to it as needed”.
It reports that David Stock & Co Limited made unsolicited offers of £50 to 48% of its clients who had been BSPS members and had not yet complained.
The city regulator was concerned that these offers were not calculated in line with its guidance and imposed requirements to ensure that customers who accepted these unsolicited offers retain the right to receive the redress they are entitled to.
The FCA has also published a Dear CEO letter which raised concerns to firms that have calculated redress using third party actuarial providers’ online portals, without any actuarial oversight, prior to the redress scheme commencing.
The letter sets out the FCA’s expectations for firms to use itscalculator for all BSPS cases.
