PIA delay on redress calculation

The PIA Ombudsman Bureau is to delay the calculation of redress in pension mis-selling cases which involve demutualisation windfalls, writes Robert Stock in Investment Week. It is waiting on the results of a test case still to come before the courts before continuing with the process. Windfall gains made by clients pursuing mis-selling claims are not taken into account when the PIA Ombudsman calculates how much redress an IFA found culpable of mis-selling has to pay to a client. The test case taken by professional indemnity insurers Collegiate, acting on behalf of an IFA, will d...