PIA bid to gag critics attacked
Saturday 02 November 1996
The regulator announced that it intended to appoint "an independent person of stature" to carry out the inquiry. A spokesman said the PIA took the leak "extremely seriously".
The figures, presented to a PIA board meeting earlier this month, show that redress has been offered in barely 2,500 cases, out of 360,000 identified as priorities.
However, the PIA's plans for a mole-hunt were attacked by consumer groups, who claimed its time would be better spent ensuring that victims of the pension transfer scandal received swift redress.
In addition one senior regulator, who declined to be named, said he was "baffled" by the move: "It could be argued that criticism is acceptable but leakage is not. But how do you criticise anything if you don't have the figures first?"
The PIA announcement came as new evidence mounted of more delays faced by those wrongly advised to buy a personal pension and transfer occupational scheme funds into it.
Sources said a decision by the Securities and Investments Board, the senior City regulator, to try to kick-start the faltering review process had been caused by new figures showing very low response rates to insurers' inquiries by their clients.
In the document obtained by the Independent earlier this week, this varied between more than 75 per cent for Barclays Life to less than 50 per cent for Norwich Union.
It is now believed that these figures relate to the first letter sent to clients, in which they are simply asked to indicate their willingness to take part in the review. A second mailing, which contains a detailed questionnaire for individuals to complete, is said to be achieving a far lower response rate.
Comment, page 23
- 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, ...