HISTORIC PRESS RELEASE : IFAs Lag Behind in Pensions Review [June 1998]
The press release issued by HM Treasury on 17 June 1998.
Independent Financial Advisers (IFAs) are still making poor progress in completing the first phase of the personal pensions misselling review, Economic Secretary Helen Liddell said today.
The Minister was speaking on the day the latest series of figures showing the progress of 41 firms were published. The monthly figures show:
- 78 per cent of cases put forward for review have now been completed;
- 3 firms have yet to complete half their caseloads;
- 18 firms have completed between 50 and 75 per cent of their cases; and
- 20 firms have completed over 75 per cent of their cases.
Commenting on the figures Mrs Liddell said:
“I am still disappointed by the poor progress being made by many IFAs. I expect them to deal with their priority cases as a matter of utmost urgency and hope the industry will continue to pursue the Association of British Insurer’s lifeboat initiative to help IFAs finance their reviews and process cases. Misselling damages the reputation of the entire industry. It is in everyone’s interests to work together to complete the review.”
The Minister also rounded on those IFAs critical of theFinancial Services Authority/Personal Investment Authorityproposals for phase 2 of the review. She said:
“I am aware of criticisms by a number of IFAs of the FSA/PIA proposals for phase 2 of the review. Some even deny that there is a problem while others try to pass the buck. Their poor attitude tarnishes those IFAs with integrity who are making a concerted effort to complete their case reviews.”
