The FSA is on track to completing the review of mis-sold personal pensions by its target date of 3...
The FSA is on track to completing the review of mis-sold personal pensions by its target date of 30 June, 2002.
By that time the majority of consumers with outstanding claims will have had an offer made and should expect to receive compensation by December 2002.
Some 84% of phase two cases have already been completed and offers have been made to more than one million consumers, amounting to £9bn.
Between now and the 30 June deadline the FSA has said enforcement action will be used where necessary, noting that some small intermediaries remain unwilling to take responsibility for redressing losses.
Since the beginning of the pensions review, the regulator has taken disciplinary action against 345 companies.
Following the end of the review, the authority expects there will be a minority of cases outstanding, including cases where an individual company no longer exists to pay the compensation.
In such cases, the FSA said it will carry out the loss assessment itself and any compensation due will be paid for by the Financial services Compensation Scheme.
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