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Small IFAs still lagging behind says FSA

The FSA says there are still small IFA firms who remain unwilling to take responsibility for pensions misselling they may have been involved in as its review winds to a close.

Despite this, the regulator says it is on track to successfully complete the review by its target date of June 30, 2002.

Figures from the end of last year state small IFAs have completed 61 per cent or 22,171 of their 36,499 review cases while networks and large IFAs have finished 89 per cent or 47,690 of their 53,466 cases.

Overall, 84 per cent or 699,455 of 1,248,631 of Phase Two cases have been completed and the FSA expects the vast majority of consumers should receive any compensation due by December 2002.

FSA director of the pension review Philip Robinson says: “Between now and the June deadline the FSA will concentrate its efforts on those firms and enforcement will be used where necessary. Recent figures show, for example, that there are some small IFA firms that remain unwilling to take responsibility for redressing losses caused by their past mis-selling.”

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