UK's Financial Services Authority (FSA) warned that it is looking closely at those firms that are falling behind in settling personal pension review cases.
According to the FSA, 50% of people in phase 2 of the review have had their review completed and £2.7bn in redress has been paid, but some firms were now slowing the process.
In light of the June 2002 deadline, Philip Robinson, director of the pensions review, said:
“We will not tolerate any lessening of effort and those firms who are currently foot-dragging will find the regulator paying them close attention. Firms which had failed to carry out the review properly have been fined a total of more than £8m since the review began.”
The personal pensions mis-selling review is aimed at people wrongly sold personal pensions between 29 April 1988 and 30 June 1994. The priority phase of the review involved older consumers at or near retirement. Phase 2 extends the review to younger consumers in their 30s and 40s.
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