Pension mis-selling: costly top-ups

Article Abstract:

The UK Insurance ombudsman has stated that investors who have made additional voluntary contributions may need to have this examined by investment regulators. Some investors may have paid additional contributions through personal pension schemes, when their employers were offering better value. The UK Personal Investment Authority plans to release guidelines on these schemes in 1996. Meanwhile, insurers are arguing that some sales of pensions involved investors who did not use the advice of the insurance company, and the companies do not plan to review such sales.

Laws, regulations and rules, Pensions

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Look out for the great disapperaing act

Article Abstract:

Analysts argue that there is an oversupply of life insurers in the UK. There were 12 fewer companies in Dec 1995 than in mid 1994 when there were 103 life insurers operating, according to Bacon and Woodrow. Regulatory requirements have reduced profit levels and insurers have to admit to charges which may be high. Costs have to be reduced but only the larger companies can invest in new technology to shed staff. New customers should benefit, though existing customers may suffer.

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Bogged down

Article Abstract:

An investigation of mis-selling of personal pensions in the UK has encountered problems and the Securities and Investments Board (SIB) may decide against widening the area to be investigated. The GMB labor union is taking legal action which could result in more cases if it is successful. There are 350,000 cases considered as of high priority and it is unclear whether other cases will have to be assessed by insurers and providers of pensions.

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