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| Wednesday, March 3, 1999 Published at 14:52 GMT Business: Your Money Pension probe sparks 71,000 calls ![]() Members of occupational schemes were especially vulnerable The Financial Services Authority is receiving 10,000 calls every week in response to its high profile campaign to raise awareness about pensions mis-selling. The FSA launched a �10m advertising blitz in January in the national press, radio and television to highlight the second phase of the personal pension mis-selling review.
The publicity is designed to run until the end of April to raise awareness amongst younger investors, typically between 20 and 50 years old, under the theme of "R U Owed?". These investors could be entitled to up to �4,000 in compensation. R U Owed? They will need to take action if they think they have been mis-sold a pension between April 1988 and June 1994. The mis-selling scandal occurred after the industry persuaded individuals to leave their company pension schemes to take out a personal pension plan instead. Salesmen could often net great personal rewards in commission payments for selling the policies, which often left the consumer worse off. Christine Farnish, FSA's consumer relations director said: "The helpline has proved a great success. Some consumers have found it reassuring to talk their concerns through with someone who is knowledgeable and independent. "Many people who may be affected will now have received an 'R U Owed?' letter.
Do I qualify? Typical calls to the FSA helpline are from consumers who want more information about the review or are unsure whether they were affected by mis-selling. There are also a number of callers who have already received a questionnaire from pension companies and want help with its completion. Pension companies are also obliged to send out questionnaires to their clients to review whether anyone is entitled to compensation. The first phase of the review, to compensate workers in or close to retirement, has now been completed. It led to compensation awards to 370,000 investors totalling more than �2.3bn. Pension companies have also been fined millions for not reviewing their case loads fast enough. | Your Money Contents
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