§ Mr. DenhamTo ask the President of the Board of Trade what estimates he has received from life insurance companies of their liability for compensation payments to people wrongly advised to transfer into private pensions.
§ Mr. Neil HamiltonThe Department has written to life offices to ask them to indicate their likely exposure to compensation in respect of mis-selling of personal pensions, and to provide guidance on how the Department expects them to reserve for any such exposure in future Companies Act accounts and DTI returns. Individual responses must remain confidential as between the life4W offices and the Department. However, where a life office considers that it is likely to have a liability or a contingent liability, in respect of mis-selling of pension business, the Department expects this to be recognised in the published accounts.