HISTORIC PRESS RELEASE : Helen Liddell sees more pension firms [September 1997]

The press release issued by HM Treasury on 18 September 1997.

Senior representatives from 17 more firms involved in misselling of personal pensions were today called to a meeting at the Treasury with Economic Secretary, Helen Liddell.

The Minister told the companies that they must get to work and urgently review cases and put matters right where necessary.

Speaking following the meeting, Mrs Liddell said:

“No-one gets off the hook where misselling of personal pensions may have occurred. Every firm must get on with the urgent job of reviewing cases and provide redress where it is due.

“My postbag is overflowing with letters from people frustrated at the long delays they have encountered. It is a public scandal that these people have had to wait so long for help.”

This meeting follows a similar one in May when the Minister met with the top 24 firms. Mrs Liddell today again urged companies to speed up their review of cases and better the targets set by the Personal Investment Authority (PIA).

The Minister also published the third monthly table on the progress of the top 24 firms with cases outstanding. The table shows considerable variation in the firms’ performance, with some companies making real efforts to resolve cases, while others lag behind.

Commenting on the figures, the Minister said:

“The figures this month are mixed. Some firms have started to make real progress while others are still very disappointing.

“I will not allow this issue to go away until the companies have fulfilled their responsibilities.”