Letter: Pension 'criminals'
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Sir: That white-collar and corporate crime is under-policed and under-prosecuted in contrast with street crime is shown dramatically in the latest development in the pension mis-selling scandal ("Insurance giants in fraud squad inquiry into pension sales fiasco", 4 August).
Last year the Government identified 600,000 "priority cases" where victims required compensation, and highlighted another 1.5 million cases that would have to be dealt with. There can be little doubt that mis-selling by some firms was systemic and endemic. The very scale of the problem rebuts any assumption that the misappropriation of an estimated pounds 4bn from vulnerable consumers resulted only from a few stupid salespersons or rotten apples.
It challenges belief that companies (the suspects) are being given responsibility for deciding whether policies have been mis-sold. The Financial Services Authority says it has not pursued any criminal matters because, in the cases examined, no evidence had been found of "prior intent".
In English law, however, all sorts of serious assaults, sex crimes, and property offences are convictable upon proof of recklessness. The Financial Services Act criminalises misleading statements made dishonestly or "recklessly" by someone selling an investment product.
DR GARY SLAPPER
The Law Programme
Open University, Milton Keynes
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments