The Legal Aid Board is due to meet the personal pensions steering committee of solicitors' firms, set up to litigate on behalf of victims, with the aim of examining how it should handle claims and to explain the types of cases likely to arise.
The board has also nominated its Bristol office to handle all claims.
The steering group, comprising Bristol firm Ringrose Wharton, Plymouth-based Wolferstans, and J Keith Park & Co of St Helens, will also invite Law Society representatives to the meeting, due to be held in mid-January.
Robert Wharton, partner at Ringrose Wharton, says the steering group will help to set up standardised documentation and explain any potential “problem areas”. These will include the threat that independent financial advisers (IFAs) could take legal action against the Securities and Investments Board (SIB) report, which called for compensation for victims.
The steering committee is planning to run a multi-party action group consisting of thousands of victims, and may seek other law firms to join it.
Berrymans, the 20-partner City insurance litigation specialist, is setting up a steering group for insurers of the IFAs.
Senior partner Paul Taylor says: “The insurance industry is very good at scoring public relations own goals and we are concerned that a sensible and reasonable approach is taken to claims.”