HISTORIC PRESS RELEASE : Pension firms asked for ongoing commitment to put right pension mis-selling [April 1998]
The press release issued by HM Treasury on 8 April 1998.
The latest monthly figures from firms show steady progress in clearing up pensions mis-selling, Economic Secretary, Helen Liddell announced today.
The end-March figures for the 41 companies she is monitoring show:
- reviews of about 69 per cent of priority cases are nowcompleted;
- 7 firms have yet to complete half their cases, and
- 14 firms have now completed over 75 per cent of their cases.
Publishing the figures, Mrs Liddell said:
“Most of the 41 firms have continued to make steady progress but this must be sustained.At the same time firms must also look to the next phase of the review, and build on the consultation launched by the regulators last month.”
Mrs Liddell said she appreciated the constructive reaction of the Association of British Insurers (ABI) to the regulators’ initiative on the second phase of the review, and hoped it would continue over the months ahead.
The Minister also welcomed the ABI’s plans to assist and encourage Independent Financial Advisers to carry out their pension reviews.She said :
“These proposals give welcome recognition to the fact that each and every firm’s good name is dependent on the reputation of the industry as a whole. Firms must work together to clean up the industry’s image. “
