Compensation for misselling

Supporting the original view of the Personal Investment Authority’s (PIA) ombudsman, the High Court has ruled that any windfalls, due to demutualisation or merger, received by victims of pension misselling are not to be set against compensation due. This is likely to benefit 43,000 claimants by around £175mn. It may also have implications for holders of free-standing additional voluntary contributions (FSAVC) plans, and endowments.