Pensions Review

9th January 2007

In Outlook Issue 14 (November 2006), FSCS updated its forecasts for the number of Pensions Review claims we expect to deal with during 2006/07 and beyond, and outlined the potential impact for levy payers in the A16 (IFA Pensions Review claims) contribution group.

Following the publication of Outlook, the trade body AIFA asked FSCS to clarify its approach to Pensions Review claims. Our responses to the questions they asked are below.

Q1. If a consumer has sought redress under the Pensions Review and been told they do not have a claim against a firm (while still trading), will FSCS review the complaint if a firm is subsequently declared in default?

Q2. Under what part of the Act, or FSA rule, is the FSCS empowered to review and make awards to complainants who have already had a case reviewed by the FOS (whatever the finding of the FOS)? 

Q3. Does FSCS recognise Limitations legislation and if so, how is it applied?