FCA announced back in October 2024 that it would publish “polluter pays” proposals by end of the year. Fast forward to 2025 and there is no sign of this updated policy but the FCA did publish an update to firms this week (https://www.fca.org.uk/firms/redress-liabilities-polluter-pays/update-firms) outlining what their expectation is for firms regarding being able to meet their future redress liabilities.
The FCA provides a list of “do’s and don’ts” for the authorised firm – a lot of this seems to be centred around firms who are actively seeking a sale of their business (or parts of their business including “client banks”) to ensure that any redress liabilities are adequately provisioned. The FCA do not wish to see a client bank to be sold with redress liabilities without carrying out the necessary due diligence on any potential claims arising from defined benefit transfers.
Congruent Calculations™ provides a client portal for subscribers to assist in the determination of redress liabilities arising from a DB pension transfer – for more details please see: https://mycongruent.com/services-for-businesses/congruent-calculations-pension-transfer/
