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High court says windfalls not counted in pension review

The High Court today decided investors will not have their pensions misselling compensation reduced because they received demutualisation benefits.

Law firm Reynolds Porter Chamberlain representing personal indemnity insurer Collegiate and IFA firm Needler says it is disappointed at the outcome of the windfall shares test case.

It argued as a matter of common sense losses from pensions misselling should be reduced by the amount of demutualisation benefits investors received.

RPC says the decision will have a knock-on effect on PI insurance and is unlikely to reduce the premiums IFAs will have to pay as it hoped would happen if the case had been successful.

Collegiate managing director Tony Howe says: “We are considering the avenues open for appeal. Unfortunately, PIA rules mean that we have had to pay both sides&#39 cost of the action, which are in excess of £250,000. An appeal is likely to cost as much again.”

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