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Asset-retention rules for British Steel pension advice firms announced by FCA

( April 25, 2022, 07:55 GMT | Official Statement) -- MLex Summary: The UK's Financial Conduct Authority has said it is using emergency powers to prevent the disposal of assets by financial advice firms that had wrongly recommended members of the British Steel Pension Scheme to transfer their pension, so as to avoid paying compensation. Firms will have to comply with the asset-retention rules, which come into force on Wednesday, until they confirm to the FCA that they have sufficient resources to pay their potential redress bill.Statement below....

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