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Equitable faces payout to 1,500

Equitable Life may have to pay compensation to 1,500 policyholders after a lead case was upheld by the Financial Ombudsman Service last week.

The ruling concludes that the firm knowingly issued bad advice to “late joiner” policyholder “Ms E” who signed up after September 1998 when the firm was already aware of its financial difficulties. Under the ruling, Equitable Life will have to pay compensation to Ms E which is likely to attract 1,500 policyholders in the same position.

Equitable Life spokes-man Alistair Dunbar says the ruling flies in the face of adv-ice received by lawyers and the FSA and a decision on whether to appeal will be made in the next few months.

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