David Stock & Co Limited

Limits on what they may do

• Business Requirements

  the Firm must, with immediate effect: 1) Where consumers have accepted unsolicited settlement offers prior to the effective date of the Redress Scheme, the Firm must follow in full all the same processes set out in the Redress Scheme that they must for consumers who have not, prior to the effective date of the Redress Scheme, accepted any offer of redress in connection with BSPS pension transfers, including (but not limited to): • following all requirements in relation to reporting to and notification to the Authority; • observing all deadlines; • sending all letters and conducting all communications required under the Redress Scheme in circumstances specified therein and following the provisions relating to communications with consumers and other firms; • following all information gathering requirements; • conducting case reviews using the process set out within the Redress Scheme; • following all supervision and delegation requirements; • complying with requests for information from the Authority (in the circumstances specified in the Redress Scheme); and • following all record-keeping requirements. 2) For any consumers who have accepted unsolicited settlement offers the Firm must by 28 March 2023 send a letter in the form at Annex B instead of the letter at CONRED 4 Annex 2 R Consumer within scope/confirming inclusion and any reference within the Redress Scheme to the letter at CONRED 4 Annex 2 R should be read as a reference to the letter at Annex B. 3) If in carrying out requirement 1) the Firm calculates that the redress payable to a consumer is higher than the payment that consumer received pursuant to an unsolicited settlement offer, the Firm must offer the difference to the consumer using the process set out in CONRED 4.4.5R. 4) If in carrying out requirement 1), the Firm calculates that the redress payable to a consumer is lower than the payment that consumer received pursuant to an unsolicited settlement offer, the Firm must not ask the consumer to repay the difference to the Firm. 5) The Firm must not make any communication to a consumer which seeks to influence, for the benefit of the Firm, the outcome of requirement 1) or a consumer’s decision to opt out in relation to requirement 2), either by seeking to influence the content of information provided by the consumer in response to the Firm’s requests made when following the processes set out in the Redress Scheme, or otherwise. For the avoidance of doubt, this also applies such that the Firm must not allow any other parties to make any communications to consumers in this way.

• Record Retention

  The Firm must secure all books and records and preserve information and systems that relate to regulated activities carried on by it, and must retain these in a form and at a location (to be notified to the Authority in writing by 31 March 2023. such that they can be provided to the Authority, or to a person named by the Authority, promptly upon request.