HISTORIC PRESS RELEASE : Economic Secretary Patricia Hewitt recognises pension firms´ efforts to complete priority review [February 1999]

The press release issued by HM Treasury on 16 February 1999.

All 41 of the largest firms reviewing pensions mis-selling have made sufficient progress with the priority review to be removed from the Treasury’s monthly list, the Economic Secretary Patricia Hewitt announced today.

Consistent with the treatment of the 20 firms already removed from the list, the Personal Investment Authority (PIA) have confirmed that the remaining 21 have now made sufficient effort and progress towards their targets to also be removed. Welcoming the PIA’s assessment, Ms Hewitt said:

“It is good news that it is no longer necessary to publish figures for the priority review. PIA are satisfied that all 41 firms have now devoted significant energy and resources to compensating their mis-sold customers, and I am pleased to take their advice and suspend publication of the list.”

But Ms Hewitt made it clear that she reserves the right to resume publication of firms’ progress, with phase 2 of the review, if necessary. She said:

“Firms should not draw much comfort from today’s decision. I still expect them all to conclude the priority review and make swift progress with phase 2. If there is any evidence of attempts to avoid or delay phase 2 I will not hesitate to resume publication of information about firms’ progress.”

With the regulators’ advertising campaign for phase 2 of the pension review now well underway, Ms Hewitt reminded younger people to take the opportunity of finding out whether they might be due redress for mis-selling:

“The pension companies are now writing to younger people who may be affected by pension mis-selling. I urge anyone who receives a letter with R U Owed on the envelope to read it carefully and decide whether they wish to put their case forward for review.”