Equitable policyholders win High Court case
by Gill Montia
Story link: Equitable policyholders win High Court case
The High Court has rejected the Government’s decision not to implement the full recommendations of Parliamentary Ombudsman, Ann Abraham, regarding compensation for Equitable Life policyholders who lost money when the firm came close to collapse nine years ago. In July of 2008, Ms Abraham published a report on the demise of Equitable, which from the [...]
Parliamentary Ombudsman issues new report on Equitable Life saga
by Gill Montia
Story link: Parliamentary Ombudsman issues new report on Equitable Life saga
Parliamentary Ombudsman, Ann Abraham, is keeping up the pressure on behalf of Equitable Life policyholders with a new report criticising the Government’s compensation proposals. The UK’s oldest mutual insurance company came close to collapse in 2000 when it could not deliver the returns it had promised. At the time, over one million savers lost up [...]
Disciplinary board to investigate Equitable Life actuaries
by Gill Montia
Story link: Disciplinary board to investigate Equitable Life actuaries
The Accountancy and Actuarial Discipline Board (AADB) is to investigate the way in which government actuaries advised the regulators of mutual life insurer, Equitable Life. The board will focus its enquiries on the advice given by the Government Actuary’s Department (GAD), between December 1990 and April 2001. Equitable Life was founded in 1762 and grew [...]
Equitable Life policyholders due compensation and apology
by Gill Montia
Story link: Equitable Life policyholders due compensation and apology
A report by Parliamentary Ombudsman, Ann Abraham, into the near collapse of Equitable Life has been published today. In 2001, millions of investors in the UK’s oldest mutual insurance company lost up to 50% of the value of their pension funds. The report, which accuses regulators of comprehensive failure and the Government of maladministration, recommends [...]
