FSA under fire over pensions

The ABI and Aifa are disputing the FSA's guidance for calculating redress for pension mis-selling. In light of this, they are also claiming their members will not be able to provide redress for mis-selling by the regulator's target date of December 2002. The issue centres on a landmark court case where the FSA's interpretation of its consequences differs from legal opinion supplied to several life offices, according to Aifa. The case of Needler v Taber concluded that windfall benefits of a demutualisation should not be taken into account when calculating redress for pensions mis-sellin...