HC Deb 20 October 1998 vol 317 c1069W
Ms Lawrence

To ask the Chancellor of the Exchequer if he will make a statement on progress in the review of personal pensions mis-selling. [55930]

Ms Hewitt

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

Of the 29 firms whose results are set out in the table only four have resolved less than 75 per cent. of their cases. All firms have now resolved over 60 per cent. of their cases.

However, the completion of cases, as measured in the table, is not the end of the process. With many firms close to their targets, it is now time for them to turn their

Progress by pensions firms in resolving cases of personal pensions mis-selling in the period to the end of September 1998
A B C D E F G H
50–75% of cases resolved
Countrywide 5,020 2,727 322 191 131 106 2 60
DBS 2,410 845 837 201 605 439 18 62
Financial Options 554 294 74 26 48 35 6 64
Burns Anderson 1,267 420 512 219 293 230 18 69
Over 75% of cases resolved
IFA Network 378 120 166 111 55 54 14 75
Windsor Life 9,645 3,971 4,080 320 3,760 3,147 33 77
Abbey Life 17,733 6,106 8,680 1,251 7,429 6,573 37 79
Sun Life of Canada 28,848 10,276 13,887 2,572 11,315 10,046 35 79
Lincoln National 13,533 2,178 9,909 1,377 8,532 7,206 53 80
London and Manchester 8,568 1,519 5,922 677 5,245 4,674 55 80
Gan 12,235 2,090 8,615 912 7,703 6,881 56 81
Hill Samuel 6,199 918 4,582 700 3,882 3,483 56 82
Standard Life 7,435 889 5,663 1,267 4,396 4,052 54 83
Colonial 8,732 3,119 4,952 587 4,365 3,652 42 84
Sedgwick 16,835 9,504 5,281 1,821 3,460 2,981 18 85
CIS 44,681 7,365 35,191 14,003 21,188 16,947 38 86
Friends Provident 7,101 1,281 5,204 814 4,390 3,997 56 86
Berkeley Independent 185 122 42 29 13 11 6 88
Hogg Robinson 2,299 832 1,293 444 849 758 33 88
NatWest 15,396 4,852 9,727 1,266 8,461 7,575 49 89
Canada Life 5,622 499 5,048 661 4,387 3,958 70 91
Pearl 47,541 4,303 41,247 5,856 35,391 33,273 70 91
M and E Network 319 179 115 29 86 84 26 92
Equitable Life 7,629 1,964 5,274 1,804 3,470 3,240 42 92
Legal and General 36,961 15,235 20,676 1,944 18,732 17,086 46 93
Allied Dunbar 19,654 4,286 14,531 3,850 10,681 10,146 52 93
Albany Life 3,105 713 2,268 216 2,052 1,963 63 93
Wesleyan 4,180 315 3,769 960 2,809 2,747 66 96
Royal London 13,532 1,167 12,363 1,546 10,816 10,791 80 100

Notes:

A: cases identified as requiring review

B: of A, cases where investor was informed that information gained during assessment excluded cases from review

C: number of assessments completed

D: cases where the investor has been informed that no redress is due

E: cases where redress has been offered

F: cases where redress has been accepted

G: cases where redress has been accepted as a percentage of cases identified for review ((F/A)x100)

H: cases completed, including exclusions, as a percentage of cases identified for review (((B+D+F)/A)x100)