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Eq Life victims high court challenge starts today

The Equitable Life Members Action Group’s legal challenge to the Government is due to start at the Royal Courts of Justice today.

EMAG is asking the court to quash the Government’s response to the Parliamentary Ombudsman’s report which found the Government guilty of maladministration over the failed life company.

EMAG general secretary Paul Braithwaite says: “We are asking the Court to force the Government back to the drawing board to establish the independent compensation scheme the Ombudsman proposed.

“This would set aside the Government’s plan for a mean ex-gratia payment scheme, estimated to pay out rather less than 10 per cent of what’s due.”

In a separate development, 323 MPs have now signed LibDem shadow Chancellor Vince Cable’s early day motion stating that the Government should accept the Ombudsman’s recommendations to compensate policyholders.


Art form

We need to keep our eyes open to what is happening in the compliance world beyond the very current TCF and the 2012 RDR. If I asked you what deadline we were approaching at the end of August, I doubt many could answer correctly. It’s the end of the initial disclosure document and menu and the introduction of a new initial disclosure document – the services and costs disclosure document, to be in place by August 31.

Now the Tories should turn to the RDR

The Conservatives’ plans to abolish the FSA and set up a new body whose remit would include regulating advisers deserve serious attention, given current opinion polls.

Critical condition

The recent publicity over the ABI’s revised statement of practice for critical-illness insurance underlines a number of things to me.

Mothers missing out on millions

By Steve Webb, director of policy and external communications The ninth Royal London Policy Paper discusses how thousands of mothers are missing out on state pension rights when they don’t have to Earlier this month we published the ninth Royal London Policy Paper, entitled ‘Mothers Missing out on Millions’. It focuses on the thousands of mothers […]


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  1. Eq Life victims high court challenge
    Whilst it is quite correct that the collapse of Equitable life and the losses of policy holders could have been avoided by more properregulation, most policy holders at Equitable life still actually out performed a lot of other pension providers. Equitable was well run and performed well for its investors. So many other pension providers performance was so dreadfull that their investors fared much worse thanthose of Equitable with no recourse. Personally i would have been much better investing with Equitable life even when it collapsed that suffering big losses resulting from American Express’s Acuma, United Friendly and Royal sun Alliance. Better regulation of the whole industry is essential to avoid a total lack of investor confidence.

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