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Liddell backs review aid for small brokers

Treasury economic secretary Helen Liddell has backed ABI plans to provide loans and practical help for small IFAs to complete the pension review.

Liddell, announcing the March name-and-shame list last week, which sees DBS rooted to the bottom of the table, demanded that firms should work together to complete the review.

The ABI is currently in talks with the PIA over the plans which will see IFA life offices set up and fund a company to provide loans and arrange actuarial help for IFAs.

The ABI has said this will work only if the PIA gives extensions to review deadlines because the actuarial help will only be available when the life offices have finished their own reviews.

Liddell says: "Most of the 41 firms have continued to make steady progress but this must be sustained. At the same time, firms must also look to the next phase of the review and build on the consultation launched by the regulators last month."

She says the ABI&#39s proposals "give welcome recognition to the fact that each and every firm&#39s good name is dependent on the reputation of the industry as a whole. Firms must work together to clean up the industry&#39s image".

ABI press officer Malcolm Tarling says: "We are making good progress. It is encouraging that the Treasury looks favourably on the steps we are taking to ensure that the IFA part of the review is completed."

The figures show that only DBS has resolved less than 25 per cent of review cases. It blames this on its inclusion of non-priority cases in its numbers. In March, DBS identified 3,392 cases. In Feb ruary, it was just 2,506.

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