Needler and Collegiate's court challenge to the PIA starts tomorrow

Tomorrow sees the first day of the windfall shares test case in which Needler Financial Services challenges the right of one of its clients to receive compensation for pension mis-selling liabilities. Needler's PI insurer, Collegiate Insurance, claims it is unwilling to pay all of the £26,000 in compensation to Mr R H Taber, however, it is prepared to pay £16,000 as Taber has already received £10,000 in windfalls from the merger of Norwich Union and CGU. Taber's argument will hinge on the Personal Investment Authority's perspective that windfall shares should be disregarded when...