HM Treasury News Release
100/97                                                10 August 1997
_____________________________________________________________________

           SLOW PROGRESS BY PENSIONS FIRMS IN CLEARING UP             
                        MISSELLING SCANDAL


The latest figures showing progress on clearing up pensions
misselling were published today by Economic Secretary Helen Liddell.

The Treasury promised in June to publish information each month about
the cases handled by the 24 firms with most cases to review.   

Releasing the new figures, Mrs Liddell said:

  "The July figures show most firms have improved on their June   
  performance - though some have achieved more than others.  I am 
  encouraged by anecdotal evidence of progress on the ground but, 
  overall, the figures are still disappointing. 

  "The first small steps that have been made must now be turned into 
  a big step change in all firms' performance.  The next few months 
  will be crucial - all firms must seize the opportunity to 
  demonstrate their commitment and really get a move on in redressing 
  their victims.  

  "I will consider what further action is called for once I have seen 
  some further figures to measure progress". 


Notes to Editors

1. The figures published today, which are attached, provide more
information than the last set published on 9 July. Firms were asked
to provide additional information on the number of cases where the
investor has been notified that the case has been assessed and no
redress is due.  This extra figure makes it possible to present a
more complete picture of progress to date, with less scope for the
figures to be misinterpreted.   

2.  Two new columns, which were not in the announcement made on 9
July, are now possible.  One of these, column D,  shows the number of
cases where no redress is due.  The other, column H, shows completed
cases - cases where redress has been accepted,  where no redress is
due or which have been excluded - as a percentage of cases which are
eligible for review.

3. The 24 firms are the firms for which the financial services
regulators (the Securities and Investments Board and the Personal
Investment Authority) have published individual targets for
completion of case reviews.   Common targets have been set for other
firms regulated by PIA. 

4. The regulators' targets for the 24 firms were announced by PIA on
13 May.

A

 B C D E F G H
Gan 8,770 60 145 47 98 83 1 2
Sedgwick 6,323 0 475 181 294 114 2 5
Colonial 6,445 0 861 89 772 378 6 7
Windsor Life 8,222 544 172 10 162 136 2 8
London and Manchester 7,348 273 887 142 745 331 5 10
Lincoln National 12,531 870 556 349 207 163 1 11
Sun Life of Canada 25,639 1,669 1,356 130 1,226 1,060 4 11
Brittanic 12,834 0 1,701 811 890 677 5 12
Hogg Robinson 1,073 105 63 21 42 2 0 12
Pearl 39,550 979 5,304 1,591 3,713 2,747 7 13
Abbey Life 16,534 1,280 1,422 456 966 515 3 14
Royal London 9,423 169 1,417 571 846 629 7 15
United Assurance 12,067 479 1,600 701 899 746 6 16
Allied Dunbar 16,792 1,498 1,630 839 791 468 3 17
Prudential 59,875 795 17,202 1,189 16,013 8,528 14 18
CIS 42,193 1,302 8,013 6,486 1,527 990 2 21
Royal & Sun Alliance 15,099 1,053 2,746 472 2,274 1,632 11 21
Guardian 8,326 433 2,004 431 1,573 1,160 14 24
Lloyd's TSB 47,080 5,492 9,420 2,584 6,836 5,006 11 28
NatWest 13,420 2,740 2,308 837 1,471 893 7 33
Norwich Union 6,836 1,795 1,228 496 732 576 8 42
Legal & General 33,386 12,278 4,328 945 3,383 2,330 7 47
Equitable Life 10,854 4,092 1,412 806 606 398 4 49
Barclays 16,722 5,302 5,017 1,418 3,599 2,870 17 57
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. No comparable figure was collected for the period to end June.

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). This is a new column.