The group of advisory firms challenging the validity of the Financial Conduct Authority’s (FCA) British Steel redress scheme have dropped their legal case.
The Financial Conduct Authority has formally required two firms to stop making unsolicited settlement offers to former members of the British Steel Pension Scheme (BSPS). On 7 February, the FCA had warned advice firms they should stop making these offers.
The British Steel Adviser Group (BSAG) has demanded the Financial Conduct Authority confirm it is not targeting firms that are part of its legal action.
The British Steel Action Group (BSAG) has taken legal action against the Financial Conduct Authority. It filed an application today afternoon (23 December) at the Upper Tribunal (Tax and Chancery Chamber).