The article in the September 12 edition of Money Marketing suggests help is on the way from the FSA.
While welcome, with respect, they are one of the main reasons we are now in this mess.
Our PI brokers say the RU Owed envelopes inviting claims have played a major part in the phenomenal rise in PI premiums.
The farce is that the FSA appears to acknowledge that a big part of the£12bn costs of the pension misselling exercise was unnecessarily spent.
Final-salary scheme closures prove that occupational schemes are not for life and yet it was on this basis that the public was compensated for being moved to personal pensions.
Irrespective of scheme closures due to job mobility, the average employee is only in any occupational pension for under 10 years. Why were they therefore compensated on the basis of NRD?
It will be interesting to see if the PI insurers or life industry now sue the regulator/Government for financial loss.
That is to say nothing of the bad reputation this industry has largely unnecessarily been given.