§ 6. Ms MoranIf he will make a statement on the progress of the Economic Secretary's discussions in respect of mis-selling of pensions. [27206]
§ Mr. DarlingToday, I have placed in the Library a table showing what progress has been made by the companies that we have been monitoring up to the end of January. It shows that they have made further progress. About 60 per cent. of the cases requiring review have been reviewed—which would never have happened but for the action taken by my hon. Friend the Economic Secretary.
§ Ms MoranI warmly welcome the progress that my right hon. Friend has just described. Is he aware that, in some companies, the problem remains of temporary, untrained staff pyramid-selling pensions, which is the root cause of many of the mis-selling problems that we have had? Will he ensure that the views of responsible practitioners are taken on board so that the scandal of mis-selling, the legacy of which we inherited from the Conservatives, is not repeated?
§ Mr. DarlingMy hon. Friend makes a good point. No one should doubt our intention that all the major pension companies, all the independent financial advisers and others who were involved should clear the problem up as quickly as possible. That is good for the industry and for the public. My hon. Friend may be interested to know that the Personal Investment Authority listens closely to what practitioners have to say, as will the Financial Services Authority, because such advice can be very helpful. The lessons to be learnt from the affair are that the old regulatory system was too lax, because self-regulation was incapable of ensuring high standards, and that clearing the matter up required firm Government action, which we have taken.
§ Mr. Heathcoat-AmoryThe Chief Secretary will know that the Government report on the affairs of the Maxwell Group has not yet been published, but is awaited. Is he aware that the current edition of Business Age Magazine details how Robert Maxwell stole £450 million from pensioners in his companies and how the Paymaster General, who has not answered the question yet, made his fortune by buying and selling such companies to and from Robert Maxwell? The article describes how the transactions were carried out at non-commercial valuations. Should not any Minister of the Crown so implicated, subject to a possible investigation which the House is awaiting, resign?
§ Mr. DarlingIt was entirely predictable that the shadow Chief Secretary would have nothing to say about 541 pensions mis-selling, which is what the question is about, because it was thanks to the Tory system of self-regulation that millions of people were cheated out of money—and the previous Government were prepared to do nothing about it.