The Association of British Insurers announced today that pension providers had completed 83% of priority 1 pension reviews (using the Treasury definition) by the end of November, compared with 71% at the end of October. Regulators require 90% to be completed by the end of this year.

The figures for end November are:

Priority 1 cases identified	181,459
Excluded from the review	53,586
Assessment completed	111,817
No redress due	32,474
Redress offered	79,343
Redress accepted	64,959

These figures indicate that there remain 16,056 cases still to have assessments completed (181,459 minus 53,586 minus 111,817). Commenting, Mark Boléat, Director General of the Association of British Insurers, said:

"With over 14,000 priority 1 cases concluded during November, and just 16,000 cases left to be completed, product providers are on track to meet the regulators' target of 90% of priority 1 cases to be completed by the end of December.

"Attention will then move to meeting the requirement to complete the remaining priority 1, 2 and 3 cases by the end of 1998. At the end of November, 48% of all priority cases had been completed by product providers."

Although not a responsibility of the product providers, the Association has been working with regulators to study the performance of IFAs' conduct of the review and advise on how they could make better progress.

Notes

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