Inadequate redress for unsuitable defined benefit pension transfers

If you handle claims for redress for unsuitable defined benefit pension transfers you will be aware of FCA’s announcement at:
 
 
This announcement is necessitated by changes to the way that the Retail Prices Index (RPI) inflation measure will be calculated from February 2030.
The announcement points out that, as a consequence, consumers may not have been put back in the position that they should have been if their redress was calculated in accordance with FCA Guidance FG17/9. That guidance needs to be changed and when the change is announced it may be retrospective even – if we have understood correctly what FCA have said – for cases already settled on a “full and final settlement” basis.
 
The “bottom line” is that some of your clients may have accepted an offer that was too low. Congruent, as an actuarial service provider and authorised and regulated by the Financial Conduct Authority, can provide assistance if you have cases to deal with.
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