Source · Select Committees · Public Accounts Committee
Recommendation 7
7
The impact on members has been catastrophic, both financially and emotionally.15 Alongside losses caused by...
Conclusion
The impact on members has been catastrophic, both financially and emotionally.15 Alongside losses caused by unsuitable advice to transfer, many members face ongoing advice charges to manage their remining pension savings.16 The FCA is unaware of the total financial loss experienced by members, it told us that it is conducting further analysis as part of its consultation on a BSPS consumer redress scheme to understand the losses experienced by members.17 The FCA’s response
Government Response
A response document is linked to this report, dated 14 October 2022. Response attribution to this conclusion has not been verified. Read the response document ↗