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.
- 3 Indonesia executions: Death row British grandmother Lindsay Sandiford will refuse to wear a blindfold when she faces firing squad
- 4 Oxygen-starved 'dead zones' with no marine life up to 100-miles long discovered in the Atlantic Ocean
- 5 How the language you speak changes your view of the world
Lucy Hawking: Stephen Hawking's daughter writes impassioned open letter to Katie Hopkins about rights of disabled people
Indonesia executions: Death row British grandmother Lindsay Sandiford will refuse to wear a blindfold when she faces firing squad
Oxygen-starved 'dead zones' with no marine life up to 100-miles long discovered in the Atlantic Ocean
How the language you speak changes your view of the world
Russian warships accused of 'chasing away' Swedish vessel to prevent Baltic States from achieving energy independence
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: SNP and its activists 'openly racist' towards the English, Farage says
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
iJobs Money & Business
£16000 - £18500 per annum: Recruitment Genius: This is an excellent opportunit...
£24000 - £28000 per annum: Recruitment Genius: A Senior SEO Executive is requi...
£16000 - £18000 per annum: Recruitment Genius: An Online customer Service Admi...
£18000 - £22000 per annum: Recruitment Genius: This global, industry leading, ...