UK Insurance News

Unsurprisingly The Pensions Advisory Service (TAPS) has said that complaints received by disgruntled Britons cashing in their individual pension plans have risen by 10% over the last twelve months.
Poor administration, mistakes and delays in obtaining quotes, often resulting in reduced entitlements are the main complaints received by TPAS over the last year.
From a personal perspective [...]

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The report into the failings and near collapse of Equitable Life by Parliamentary Ombudsman Ann Abraham has now been published and will be of particular interest to the millions of investors who lost up to 50% of their pension funds with the company in 2001.
The report, which accuses regulators of comprehensive failure and the Government [...]

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A four year enquiry by Parliamentary Ombudsman Ann Abraham, into the failings of Equitable Life, due to be published next week, could open the door for over one million policy holders to claim compensation from the government.
The report is expected to be particularly damning of the Treasury, Financial Services Authority and the Governments Actuary’s Department [...]

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Scottish Widows are likely to face a compensation claim of up to £1bn, over advice it gave to 100 company pension schemes.
A dossier prepared by the independent consultant Actuarial Review Company (ARC) for the FSA, claims that negligent advice cost the schemes £300million.
The report claims that Scottish Widows advised clients to move from guaranteed annuity [...]

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