Pensions review - progressing but no slacking

The pensions review is three quarters complete and some £8 billion has been paid out. Almost a million people have received compensation but there is to be no let-up. John Tiner, Consumer Investment, Insurance Director said, that “firms must keep their shoulder to the wheel and ensure they make offers and settle redress to the the 215,000 people still outstanding, and that they do this fast.” The deadline for completion for all cases is 30 June 2002 and the FSA is concerned that some smaller IFAs are not on schedule; only 59 per cent of their review cases had been completed against 75 per cent for both the product providers and bancassurers and the networks and large IFAs. Mr Tiner noted that the regulator had imposed phase 2 fines for the first time in November “and there are more in the pipeline”. He said that the experience of the review had informed the new regime, especially the use of theme work and mystery shopping to provide early warning signals.