How the Mail fought for justice

LAST September, Money Mail published an expose of the dirty tricks that insurers used to deprive savers of thousands of pounds worth of pension income.

We accused these giant firms of flouting their own codes of conduct, using telephone sales teams to dupe customers into taking poor deals, sending out information designed to confuse, and failing to tell customers, particularly the sick, that shopping around could nab them a bigger income.

The investigation was the culmination of weeks of work, part of which was a dossier of evidence put together by whistleblowers. When we published, it shook the insurance firms. A number immediately accused us of scare-mongering.

The trade body the Association of British Insurers (ABI) launched an investigation, but it was a whitewash. Director-general Otto Thoresen told us: ‘We did not find the code was breached or that our members were trying to undermine the aims of the code.’ The ABI’s findings bore no relation to the experiences of ordinary savers, such as widows who lost a pension because their husbands were misled or workers who missed out on thousands because they didn’t know to shop around. With the publication of the damning report by City watchdog the Financial Conduct Authority yesterday, the ABI’s findings seem incredible.

It is vindication of Ruth Lythe’s excellent investigation and Money Mail’s long-running campaign. But now the multi-million pound annuity rip-off may finally be at an end, those who are suffering in retirement because they have been duped need justice.

This fight has only just begun. Insurers have been told to go through their past sales. It could lead to a flood of mis-selling claims.

We must avoid another whitewash. You can guarantee these firms which have cheated their customers all the way down the line are going to battle every step of the way to deny them a proper payout once more.