HM Treasury News Release
138/98 14 August 1998
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ALL FIRMS OVER HALF-WAY TO RESOLVING PENSIONS MIS-
SELLING CASES
All of the pensions firms being monitored by the Treasury have
now resolved over half of their priority cases according to
figures published today.
The figures show:
all firms have now resolved over half of their cases;
all but 9 of the firms have resolved over 75% of cases.
The Economic Secretary, Patricia Hewitt said:
"I am heartened to see that all firms have now passed the
half-way mark. However many of them still have a long way
to go to meet the end of year deadline for completing all
their priority cases. The laggards really must give this
top priority."
NOTES TO EDITORS
1. Recent fines on pensions firms from the Personal Investment
Authority include:
The M&E Network Aug 1997 #100,000
DBS Financial Management Sep 1997 #425,000
Friends Provident Sep 1997 #450,000
Albany Life Nov 1997 #375,000
London & Manchester Jan 1998 #525,000
Countrywide Feb 1998 #250,000
Britannic Assurance Mar 1998 #525,000
Sun Life of Canada Apr 1998 #600,000
Financial Options June 1998 #250,000
Lincoln June 1998 #70,000
J&H Marsh & McLennan June 1998 #200,000
Minet Consultancy Services July 1998 #250,000
2. If you have access to the Internet you can find his news
release and other Treasury materiak at http://www.hm-
treasury.gov.uk.
PROGRESS BY PENSIONS FIRMS IN RESOLVING CASES OF PERSONAL
PENSIONS MIS-SELLING IN THE PERIOD TO THE END OF JULY 1998
50-75% of cases
resolved
DBS 2,021 610 612 137 475 313 15 52
Burns Anderson 1,219 379 325 158 167 134 11 55
Financial
Options 438 193 56 23 33 26 6 55
Countrywide 4,905 2,555 294 179 115 96 2 58
Gan 12,128 1,869 7,197 696 6,501 4,990 41 62
Abbey Life 17,643 5,253 7,374 1,163 6,211 5,570 32 68
Windsor Life 9,593 3,669 3,428 306 3,122 2,591 27 68
Lincoln
National 13,405 2,051 8,734 1,297 7,437 6,008 45 70
London
and Manchester 8,497 1,423 5,223 617 4,606 4,133 49 73
Over 75% of cases resolved
Hill Samuel 6,163 896 4,058 671 3,387 3,026 49 75
IFA Network 375 122 165 110 55 50 13 75
Berkeley
Independent 183 115 24 20 4 4 2 76
Colonial 8,632 2,907 4,304 497 3,807 3,176 37 76
Friends
Provident 7,040 1,150 4,722 706 4,010 3,591 51 77
Standard Life 7,180 836 5,066 1,127 3,939 3,653 51 78
NatWest 15,330 4,762 8,348 1,185 7,163 6,077 40 78
Canada Life 5,613 419 4,638 629 4,009 3,416 61 80
Sedgwick 16,625 9,001 4,570 1,710 2,860 2,551 15 80
CIS 43,960 6,280 32,397 13,608 18,789 15,268 35 80
Albany Life 3,084 672 2,199 202 1,997 1,639 53 81
Sun Life of
Canada 28,401 12,781 12,959 2,466 10,493 9,102 32 86
Hogg Robinson 2,267 820 1,227 423 804 703 31 86
Equitable Life 7,614 1,931 4,948 1,756 3,192 2,889 38 86
Allied Dunbar 19,578 4,197 13,904 3,760 10,144 9,011 46 87
M&E Network 321 176 111 29 82 76 24 88
Pearl 47,459 4,114 40,060 5,676 34,384 31,977 67 88
Legal &
General 36,887 15,167 19,840 1,887 17,953 15,685 43 89
Wesleyan 4,181 308 3,701 997 2,704 2,536 61 92
Royal London 13,368 1,203 12,119 1,535 10,584 10,059 75 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).
# = pounds sterling