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Equitable probes negligence claims over annuities defeat

Equitable Life says it is prepared to take the FSA, the DTI, its directors and advisers to court if it finds evidence of negligence in its House of Lords defeat over guaranteed annuities.

Policyholders and action groups have told Equitable they have evidence of wrongdoing. Equitable says it will consider the evidence and take action against anyone found to be negligent if it believes it can win the case.

It says it will not rule anyone out from investigation, meaning the FSA, the DTI, auditor Ernst & Young and lawyer Denton Wilde Sapte are set to have their conduct scrutinised.

Former chief executive Alan Nash, former appointed actuary Chris Headdon and former chairman John Sclater will also come under scrutiny.

Equitable Life senior manager (public relations) Alistair Dunbar says: “We have asked for any evidence of wrongdoing and will seek legal advice on it. We have said from the start if there is a realistic possibility of obtaining redress we will pursue it but there is no point spending more money on legal bills if we will not win.”

FSA spokeswoman Deborah Fowler says: “Equitable has not said it has found any case of negligence as yet and we hope they will not find any grounds for them to take action against us. We only set the parameters within which firms operate, we do do not make decisions for the firms themselves.”


Zifa Mortgage Network links up with IN Partnership

The Mortgage Network of Zurich IFA Group is launching a joint initiative with IFA network IN Partnership to develop its mortgage business online.IN partnership advisers will gain access to exclusive mortgage schemes and competitive procurement fees through a panel of 15 major UK lenders, including Halifax, Nationwide and Abbey National. Zifa Mortgage Network Andy Young […]

The Mortgage Operation targets IFAs online

Broker network The Mortgage Operation is offering intermediaries online access to a range of insurance products. Intermediaries can quote building & contents and sickness and unemployment insurance directly through TMO&#39s online system at the same time as providing a mortgage quote. In return they will receive the equivalent of 25 per cent of the monthly […]

Killik & Co – Low Cost SIPP

Monday, 26th March 2001.Type: Full SIPP.Minimum investment: £5,000.Investment choice: Stocks and shares, cash, bonds and trustee investment plans.Charges: Initial £100.Allocation rates: 100 per cent.Options: None.Commission: None.Tel: 0870 0134333. 

ScotEq pension error sparks unprecedented move by NU

A £172,000 bungle by Scottish Equitable could lead to the premature unwinding of a pensioner&#39s annuity with another life office.In what is thought to be an unprecedented move, Norwich Union has agreed to surrender an annuity bought by Sussex pensioner Gordon Derby six years ago despite clear terms in the original contract forbidding the release […]


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