§ Ms LawrenceTo ask the Chancellor of the Exchequer if he will make a statement on progress made in the review of personal pensions mis-selling. [64557]
§ Ms HewittFurther advances have been made towards completion of the first phase of the review.
Of the 21 firms whose results are set out below only two have resolved less than 75 per cent. of their cases. Fourteen have now resolved over 90 per cent. of their cases.
This progress must be maintained. It is essential that all phase 1 cases are completed by 31 December. Although the industry has largely recognised the need for the pensions review to be completed quickly, some firms could still do better. The regulators will not tolerate further delays, and the Government will continue to support their efforts to see phase 1 completed and phase 2 underway.
The ABI' s Pension Adviser's Support Scheme (PASS), which offers small firms assistance with actuarial facilities and financing for the review is a welcome development. All of the 30 major providers have joined PASS, which should prevent many businesses folding. It has aroused considerable interest among independent financial advisers, and will give a significant boost to the pensions review. 571W
Progress by pensions firms in resolving cases of personal pensions mis-selling in the period to the end of November 1998 A B C D E F G H Abbey Life 18,114 6,742 10,748 1,396 9,352 8,412 46 91 Berkeley Independent 186 123 53 32 21 15 8 91 Hill Samuel 6,118 936 5,002 719 4,283 3,970 65 92 London and Manchester 8,614 1,604 6,886 711 6,175 5,642 65 92 CIS 44,681 7,958 36,594 14,197 22,397 19,575 44 93 Friends Provident 7,126 1,333 5,526 837 4,689 4,486 63 93 Pearl 48,506 4,802 42,411 5,855 36,556 34,874 72 94 Legal & General 37,366 15,359 21,648 2,049 19,599 18,230 49 95 Hogg Robinson 2,338 871 1,465 488 977 875 37 96 Equitable Life 7,629 1,968 5,528 1,833 3,695 3,492 46 96 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)