ABI pushes for clarity in Inland Revenue computer blunder

Following the computer blunder which caused Inland Revenue to erroneously pay out over £80m to pension scheme members and worries over who is to foot the bill, the Association of British Insurers claims it is working closely with the taxman to ensure individual policy holders and insurers do not suffer financial loss from the error. Up to 175,000 customers are estimated to be facing the prospect of repaying cash accumulated over the last four years. But the problem has been acerbated as many mistaken payments were invested in plunging stock markets and are worth roughly 40% less than...