The Equitable Members Action Group has been given leave to challenge the government in the High Court for failing to provide a proper compensation scheme for people who lost money in Equitable Life.
EMAG spokesman Paul Weir said: "We now want to bring pressure on the government to come up with a proper compensation scheme." Last year, The Parliamentary Ombudsman found the government guilty of maladministration...
More needs to be done to speed up DB to DC transfers but, as Jonathan Stapleton says, more also needs to be done to protect members.
The Pensions Ombudsman (TPO) took on 2,566 early resolution cases in 2018/19 after onboarding a team from The Pensions Advisory Service (TPAS), according to its annual report and accounts.
The lifeboat fund is in a good position despite reserves taking a £0.6bn hit. But the ramifications of the EU judgment on member compensation is an area of concern for CEO Oliver Morley, writes Stephanie Baxter