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Actuaries to review Equitable&#39s position on non-GAR pensions

Equitable Life has set up a review to decide whether to compensate non-guaranteed annuity rate policyholders who believe they have been missold policies.

It says it has made the move to head off “expensive and time-consuming” legal action. It has commissioned an independent review by actuaries B&W Deloitte to determine whether former holders of non-GAR policies have suffered loss as a result of being missold policies.

Policyholder action groups have pledged to pursue Equitable in the courts, claiming they were not told of the GAR liabilities when they took out their policies.

The review was established after discussions between Equitable, the FSA and the Financial Ombudsman Service. It will determine any loss by comparing the performance of the society&#39s products with other providers, taking into account date of purchase, payment profile and date of maturity or surrender.

Chief executive Charles Thomson says: “This process is a cost-effective alternative to the courts which can be expensive, time-consuming and would potentially put at risk the resources of former policyholder claimants and the society.”

Dennehy Weller managing director Brian Dennehy says: “It is good to see Equitable trying to deal with these matters. However, I doubt whether this review will put a definitive end to its – and its former policyholders&#39 – problems.”


N&P encouraging environmental housebuilding

Norwich & Peterborough building society is offering its “green” environmentally friendly mortgage for people who want help financing a house built using straw bales, beco wallform or timber frame. The market for people having a home built to their own specification is estimated at around 20,000 a year and N&P is calling on self-builder who […]

Downing Corporate Finance – Downing Nurseries

Thursday, March 28, 2002Type: Enterprise investment schemeAim: Growth by investing in 12-15 nurseriesMinimum investment: Lump sum £2,500Opening/closing date: March 18, 2002/April 5, 2002 for 2001/2002 taxyear, May 30, 2002 for 2002/2003 tax yearCharges: Initial up to 6.5%, annual up to 3.75%Commission: Initial 2.5%Tel: 020 7411 4700

Abbey branches out into DIY stores

Abbey National is opening outlets in Homebase home and garden stores.The first branch is opening on March 29 in Liverpool and Abbey says if this pilot is successful it hopes to extend it to other Homebase storesThe new Liverpool branch includes a technology zone, where customers can learn about using IT to manage their finances, […]

Royal London emerges as main bidder for Britannic

Royal London has emerged as the leading candidate to acquire Britannic amid industry speculation that Britannic is struggling to attract a buyer or merger partner.Britannic chairman Harold Cottam effectively put the company up for sale earlier this month after a fall in operating profits to £101.6m from £174.5m, taking into account a £43.8m write-off at […]

What exactly is product innovation?

By Fiona Tait, Pensions Specialist Ros Altmann reportedly hoped for more product innovation following pension freedom¹ and, according to one poll, 66 per cent of advisers also believe that providers should be doing more². This article considers whether there is a real client need for new products, or whether we should be focusing our attention on efficient delivery […]


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