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Liddell warns of review fines for small firms

Treasury economic secretary Helen Liddell is warning smaller firms conducting the pension review that they could be fined for missing deadlines.

Liddell is turning her attention on smaller firms after conducting a six-month naming and shaming campaign against the biggest providers.

Slow progress with the review could now see fines being handed out to smaller firms.

Liddell says: "There is no cut-off point that makes a firm too small to be expected to honour the personal pensions review. Each and every firm, from the large household names to the smallest IFA, must get on with the urgent task of processing cases and making redress where it is due. No one is off the hook."

Liddell warns smaller firms that neither she nor the regulators have forgotten about them.

She says: "A few firms are now making very promising progress but there is still a long way to go for most of the firms listed and sadly some have still not progressed beyond the initial stages. Regulatory discipline is fast becoming a real prospect for some companies."

Treasury figures show that IFA networks face a last-ditch scramble to complete the pension review.

Three of the bottom five review performers are IFA networks Countrywide, Burns Anderson and DBS.

GAN, which is believed to be up for sale and was previously the worst-performing firm, has resolved 7 per cent of its cases in the last month but has still managed only 16 per cent in total.

Sun Life of Canada has improved from 29 per cent to 43 per cent and Canada Life has moved from 26 per cent to 36 per cent. Barclays and Axa Equity & Law top the table with 75 per cent and 76 per cent of cases resolved.

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