Written question asked by Jackie Lawrence (Labour) on Monday, 15 February 1999, in the House of Commons. It was due for an answer on Tuesday, 16 February 1999. It was answered by Patricia Hewitt (Labour) on Tuesday, 16 February 1999 on behalf of the Treasury.

Treasury

Question: To ask Mr Chancellor of the Exchequer, if he will make a statement on progress in the review of personal pensions mis-selling.

Answer: Ms Lawrence: To ask the Chancellor of the Exchequer if he will make a statement on progress in the review of personal pensions mis-selling. [71946] Ms Hewitt: The Personal Investment Authority (PIA) has confirmed that it is satisfied that all 41 major firms are devoting sufficient energy and resources to the review of personal pension mis-selling. It judged that all the firms monitored by the Treasury have made sufficient progress towards their priority review targets to be removed from the published list. The Treasury has acted on the PIA advice and suspended publication of figures. However, firms will still be monitored and expected to conclude the priority review, and make swift progress with phase 2. The Treasury reserves the right to resume publication of information about firms' progress should it prove necessary. The regulators' advertising campaign for phase 2 of the pension review is now well underway. Younger people should take the opportunity of finding out whether they might be due redress for mis-selling. Anyone who receives a letter from their pension firm should read it carefully and decide whether they wish to put their case forward for review.

Secondary information

Type: Written question
Reference: 71946; 325 c635W;325 c637W
Session: 1998-99
Subjects: Pensions Personal pensions Misrepresentation Personal Investment Authority