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Personal Pensions

Volume 264: debated on Tuesday 24 October 1995

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To ask the Chancellor of the Exchequer if he will make a statement on the progress made on the implementation of the SIB/PIA review of pension transfer opt-outs and non-joiners. [38263]

The Government fully support the efforts of the financial services regulators to arrange for reviews to identify cases in which investors face financial loss as a result of bad investment advice not given in compliance with regulatory rules, and to ensure that redress is made where it is due. Progress in implementing the review has been delayed by a judicial review of the Securities and Investment Board's guidance earlier this year. However the Personal Investment Authority has now issued guidance, and many firms now have reviews in hand.

To ask the Chancellor of the Exchequer what estimate he has made of the proportion of purchasers of personal pensions contracted according to the SIB/PIA guidelines by (a) tied agents, (b) independent financial advisers and (c) all vendors of personal pensions. [38264]

I regret that this information is not currently available. However, the Securities and Investments Board plans to collect data to monitor the progress of the review and I understand that it should be available early next year.