Thursday 01 June 1995
Plans to compensate tens of thousands of pension victims could be delayed for months because independent financial advisers cannot handle the workload on time.
A new computer software package is being designed to allow a standard method of assessing claims and paying compensation to victims.
But experts yesterday admitted the new system was unlikely to be in widespread use before the 31 December deadline for compensating the 350,000 clients who are most in need.
Life insurance companies and the software designers are now lobbying the Personal Investment Authority to get the deadline extended. The insurers include NPI, Clerical Medical, Scottish Provident, Norwich Union, Scottish Amicable, Standard Life, Sun Life, Scottish Widows and Scottish Equitable.
Nigel Phillips, director of commercial services at The Exchange, a computer link-up between insurers, threatened to abandon the development of the new package altogether unless an extension is granted.
"We are unlikely to have a system distributed to IFAs until the end of November. They will need at least three to four months to complete the initial work on the review," he said.
- 1 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 2 Doctors remove 80 teeth from boy's jaw
- 3 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 4 Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
Downfall of Dustin 'Screech' Diamond, the 'Saved By The Bell' star charged with bar stabbing
Syrian teenager Usaid Barho reveals how he escaped from Isis using a suicide vest
Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
Millions of Britons struggling to feed themselves and facing malnourishment
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
Douglas Carswell tells Ukip to stop blaming foreigners as youth poll shows Nigel Farage is even less popular than Nick Clegg
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