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ABI says providers should not pay for Revenue blunders

The ABI has gone into battle for product providers in a bid to ensure they do not have to pick up the tab for admin costs incurred as the Inland Revenue works to put right its blunders on age-related rebates.

It is welcoming the Revenue&#39s proposal to calculate investor redress for the errors on a case-by-case basis but rejects the suggestion that the costs of identifying losses should be met by providers, believing that the Revenue should cover the cost.

Product providers now have to go through each relevant record manually, with some companies having several thousand cases to deal with and the average company needing three months of man-hours to work through their cases.

ABI policy adviser Graham Vidler says its priority is to ensure that customers do not lose out and it has been working with the Government to solve the problem, believing that the Revenue can see the sense of its argument.

Vidler says providers have already absorbed many of the costs of dealing with the problem themselves rather than pass them on to clients.

He says: “The costs that our companies will have to incur are not costs that they should be paying. We met with the Revenue last week and are coming close to finalising an agreement to put things right.”

Scottish Widows head of marketing technical Ian Naismith says: “We would be quite unhappy about having to fork out for a Revenue mistake. It should be meeting any bill.”

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