FCA ‘does not understand its own rules’

The Financial Conduct Authority does not understand the rules it set to govern pensions, the High Court heard today. (Thurs) A judicial review was brought by the pensions administrator Berkeley Burke against the Financial Ombudsman Service after the company was ordered to repay the pension of Wayne Charlton who lost his savings to a fraudulent company. The FCA, who are acting in the case as an interested party, withdrew its backing for one of the key agreed facts in the…