Aggregation of Pension Mis-selling Claims

Lloyds TSB General Insurance Holdings Ltd and Others v.Lloyds Bank Group Insurance Co Ltd and Others 8 November 2001

This Court of Appeal case involved a joint action by Lloyds TSB and Abbey National against their respective professional indemnity insurers for an indemnity in respect of their pension mis-selling liabilities. As with many other IFAs, the claimants had incurred substantial liabilities to individual investors to whom they had sold pensions during the period 1988 to 1994. Again, in common with several IFAs, the advice that caused the claimants’ exposure to each investor was typically provided by one of their team of financial services consultants who had failed to ensure that that advice complied with the regulatory requirements relating to the provision of investment advice ("Best Advice").