Inperio’s stance on the FCA’s British Steel Redress Scheme, and what we can do to help IFAs.

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Inperio’s stance on the FCA’s British Steel Redress Scheme, and what we can do to help IFAs.

As a provider of Professional Indemnity (PI) Insurance for Independent Financial Advisers (IFAs), our approach is to ensure compliant cover in accordance with the FCA’s guidance. We pride ourselves in putting the client’s needs first, and it is for this reason that it’s troubling to see the dissatisfaction from the very people, and businesses, the regulator is here to protect.

A recent publication on the FT Adviser (17 Feb 2023) appears to show that despite the FCA’s efforts to compensate those deemed to be victims of unsuitable advice, the members of the British Steel Pension Scheme (BSPS) have written directly to the FCA to convey their worries over redress calculations. Specifically noting complications from “a very short deadline with no time to think”, whilst “expressing concern about the amount they have been compensated, compared to a colleague in the same scenario.”

At Inperio, it is our interpretation that the alleged mishandling of the scheme has had a negative impact on the hundreds of firms giving adequate, suitable advice to their clients. Resulting in costlier PI insurance premiums.

We aim to be transparent and vocal on the issues faced by IFAs, understanding that seeking appropriate PI insurance as an IFA can be arduous and potentially daunting. This is why we provide an opportunity to discuss your business directly with you and your broker ahead of an offer of terms. Establishing a strong, long-term relationship (as supported by our capacity provider) to protect your business through the turbulent regulatory environment.

A Johnson

27 February 2023

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