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£2bn accepted in phase two of pensions review

The FSA has announced that £2.2bn has so far been accepted by consumers in Phase 2 of the pensions review.

IFAs are responsible for £266m of the total, with direct providers making up the balance. Of that, networks and large IFAs have handed over £213m and small firms £53m.

Of the 873,000 cases found to be reviewable, just under half or 373,000 have been completed and of those 260,000 have accepted compensation.

The regulator says there is much work to be done by certain pockets in various distribution channels if they are to meet the June 2002 deadline.

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