UK – The High Court today ruled in favour of Ronald Taber, in a test case to determine if Taber, a pensions policyholder of the Norwich Union, should pay back the value of his NU windfall shares if he opted to take full compensation for the personal pension plan that was mis-sold to him by Needler Financial Services (NFS) in 1990.

The Court’s ruling opens the way for 43,000 similar cases to claim full compensation for having been mis-sold pensions. In the case of Needlers, these claims could amount to £175m (€285m), according to Peter Hardy, insurance and pensions litigator and partner at Norton Rose.

“The compensation a consumer should receive for bad advice to transfer to another pension plan must be viewed as an entirely separate matter form any benefit they happen to receive after the transfer,” comments Hardy.

The Court refused the right to automatic appeal but Needler is expected to take the case to the Court of Appeal.