HL Deb 03 March 1998 vol 586 cc159-60WA
Baroness Castle of Blackburn

asked Her Majesty's Government:

In view of the latest figures published by the Treasury on 12 February on the compensation paid to the 600,000 people who were mis-sold personal pensions and the warning by the Economic Secretary that in some cases they still leave much to be desired, what further progress has been made in this matter. [HL670]

Lord McIntosh of Haringey

The Government's objective is to see that all those investors who were mis-sold a personal pension receive prompt redress. To this end, the Government have since June 1997 collected and published each month figures from the firms with most cases to review, showing the progress each has made. The latest figures, covering the period to the end of January 1998, were published on 12 February. These show that progress continues to be made, with 60 per cent. of their cases requiring review resolved. Most of the firms concerned have now resolved over half the cases identified for priority review.

However, there is no room for complacency, many cases remain unresolved, and we fully support the regulators in their ongoing efforts to ensure that all firms deal with their caseloads quickly and fairly.