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In an interview with BBC television's The Money Programme, Sir Peter Davies said he was ashamed by what the Prudential had done. He said the mis-selling of pensions was the worst thing that could have happened to the company.
Sir Peter said he felt very sorry about those who had been hurt and was determined to put matters right.
He said the company had settled more than half of priority cases and was doing everything it could to settle other claims.
However, the firm has already missed two deadlines set by the regulator and faces another at the end of this month. Sir Peter said the company might still fail to meet the third deadline.
Minister disappointed
The Economic Secretary to the Treasury, Helen Liddell, is considering further action against the Prudential. She said she was disappointed with the company's performance and was considering what action to take.
Ms Liddell told The Money Programme: "I'm very disappointed in the performance of the Prudential. I don't want to comment on specific companies but ... every company has to have the highest possible standards in resolving this and must take it seriously."
Earlier this year, she "named and shamed" 41 companies, including the Prudential, that were involved in the mis-selling after the de-regulation of the financial services industry in the 1980s. She said some of them were still failing to take the issue seriously.
About 2 million people were mis-sold pensions during the late 1980s and early 1990s when they were urged to opt out of occupational schemes and buy private policies.
The Prudential is the country's largest private pensions provider and has the largest number of mis-selling cases.
The Prudential
HM Treasury
Occupational Pensions Regulatory Authority
financial scandals catalogued
Pensions Act 1995
The Pensions Compensation Board Regulations 1997
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