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major life companies and many independent financial advisers. The cost of the industry's Pensions Review and the level of compensation paid will undoubtedly mean that with-profits policy holders and shareholders of those life companies will also suffer losses. Many independent financial advisers have gone, and will go, out of business. The cost of indemnity insurance for advisers will increase as a result of the substantial increase in claims. On top of all this, the Treasury directed the regulators to discipline heavily and fine those companies and firms that fell behind in the Review process. The adverse 18

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is an associate and Head of the Compliance and Training Consultancy at TLT Solicitors, Bristol and specialises in financial services, general insurance and mortgage regulation, including supervision and enforcement issues.