Pension compensation fiasco
Article Abstract:
Compensation should have been offered to people sold pensions through bad advice, by year-end 1995, the UK Securities and Investments Board (SIB) decided. This deadline is unlikely to be met by some three quarters of life insurers. Deadlines for less urgent cases will not be met if the most important cases are not reviewed in time. There is also a dispute relating to negligence cover for financial advisers which has yet to be resolved. A new announcement from the SIB is due at the start of 1996.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1995
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Putting the trust back in life
Article Abstract:
The UK life insurance industry has suffered a drop in sales, and consumers are less confident in both products and sales techniques of the industry. There was a scandal in late 1993 relating to selling techniques for pensions. Salesmen were involved in selling personal pensions and often had little knowledge of company schemes. Some 500,000 cases are being investigated and compensation is estimated at between 2 billion pounds sterling and 4 billion pounds.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1995
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Large lets multi-tied genie loose
Article Abstract:
The Securities and Investments Board (SIB) chairman, Andrew Large, is seeking to reduce regulations affecting the pensions industry and include multi-tied advisers in the market. These advisers would have links with a limited number of life insurers. Large argues that regulation is costly and customers bear the cost. The UK Personal Investment Authority (PIA) has decided against changing the situation with regard to multi-tied advisers.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1995
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