HC Deb 17 November 1998 vol 319 cc548-9W
Ms Lawrence

To ask the Chancellor of the Exchequer what is the latest progress in the review of personal pensions mis-selling. [60382]

Ms Hewitt

Further advances have been made towards completion of the first phase of the review.

On the regulators' advice, a further eight firms who have met their targets for phase 1 of the review have been removed from the Treasury's published list. The eight are Albany Life, Allied Dunbar, Canada Life, Gan, M&E Network, National Westminster, Royal London and Wesleyan Assurance.

Of the 21 firms whose results are set out in the table, only two have resolved less than 75 per cent. of their cases. Seven have now resolved over 90 per cent of their cases.

Substantial progress is now being made with phase 1 of the review. But firms should be clear that it is essential the remaining cases are resolved in line with the regulators' timetable. That means all firms completing phase 1 by the end of December.

The published figures measure firms' progress in assessing whether people are entitled to redress, and, if so, reaching agreement on offers of redress, but that is not the end of the process. It is also important that the redress is delivered as a matter of priority. The regulators will continue to take action against laggards to ensure that investors are properly protected.

Progress by pensions firms in resolving cases of personal pensions mis-selling in the period to the end of October 1998
A B C D E F G H
Financial Options 549 330 134 31 72 57 10 76
Windsor Life 9,645 4,104 4,608 326 4,282 3,532 37 83
Abbey Life 18,152 6,434 9,696 1,307 8,389 7,408 41 83
Sun Life of Canada 28,993 11,163 14,722 2,645 12,077 10,636 37 84
Lincoln National 13,581 2,218 10,423 1,409 9,014 7,824 58 84
London and Manchester 8,568 1,578 6,484 703 5,781 5,080 59 86
Standard Life 7,466 901 5,876 1,289 4,587 4,312 58 87
Hill Samuel 6,120 914 4,818 712 4,106 3,742 61 88
Colonial 8,728 3,149 5,161 606 4,555 3,933 45 88
Sedgwick 16,884 9,824 5,512 1,865 3,647 3,255 19 89
CIS 44,681 7,745 36,121 14,132 21,989 18,425 41 90
Berkeley Independent 186 123 47 32 15 13 7 90
Friends Provident 7,120 1,327 5,414 828 4,586 4,315 61 91
Hogg Robinson 2,324 861 1,381 472 909 799 34 92
Equitable Life 7,628 1,967 5,400 1,816 3,584 3,351 44 94
Pearl 47,541 4,640 41,991 5,912 36,079 34,186 72 94
Legal & General 37,044 15,251 21,321 1,993 19,328 17,726 48 94

Notes:

  1. A: cases identified as requiring review.
  2. B: of A, cases where investor was informed that information gained during assessment excluded cases from review.
  3. C: number of assessments completed.
  4. D: cases where the investor has been informed that no redress is due.
  5. E: cases where redress has been offered.
  6. F: cases where redress has been accepted.
  7. G: cases where redress has been accepted as a percentage of cases identified for review ((F/A)x100).
  8. H: cases completed, including exclusions, as a percentage of cases identified for review (((B+D+F)/A)x100).