HISTORIC PRESS RELEASE : Pension firms must honour offers of redress [May 1998]

The press release issued by HM Treasury on 21 May 1998.

Further progress has been made in clearing up pensions mis- selling according to figures published today by Economic Secretary Helen Liddell. The Minister also published a graph showing a dramatic improvement in the pension review’s rate of progress since this time last year.

In her statement in the House of Commons on 18 November, Mrs Liddell said that she would remove from this list the name of any firm which achieved its target for resolving priority cases. Several firms now appear to be close to meeting their targets and, if PIA inspections confirm these initial reports, their names will be removed from the list.

The monthly figures of the 41 firms show:

• only 1 firm has resolved less than 25% of its cases;
• 5 firms have resolved less than half their cases;
• 17 firms have resolved over 75% of cases.

Mrs Liddell warned all firms that they must not rest on their laurels once redress had been agreed. Firms must ensure that no loose ends are left untied.

The Minister said:

“The regulators will continue to monitor firms, even after their targets have been met, to ensure that they follow through on offers of redress in a timely manner and establish the arrangements necessary to honour guarantees. I am asking the regulators to keep me informed.”