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Equitable won&#39t sue Govt

Equitable Life has ruled out suing the Government for regulatory failures after legal advice that it has no realistic claim.

Law firm Herbert Smith has told the firm it has “no realistic claims against the regulators” and that any claim by policyholders would be “complex, lengthy and costly”.

The Serious Fraud Office is understood to be dropping a plan to prosecute some former Equitable directors and managers for fraudulent trading due to a lack of evidence.

The SFO is understood to be focusing its investigation on the narrower charge of misleading policyholders about the terms of their investments.

Equitable has also confirmed that the Equitable Members&#39 Action Group&#39s resolution – calling for £2m to sue the regulators – will go to a vote at the annual general meeting on May 19.

The company says it believes its best hope for achieving compensation is by persuading Parliamentary Ombudsman Ann Abraham to reopen her investigation.

Chairman Vanni Treves says: “In light of the unequivocal advice of our lawyers, we will not be squandering members&#39 money. If the board had been advised that there was a sustainable and cost-effective legal case, we would have pursued it.

“Rather than throw out the Emag proposals as we could have done, we want members to have their say. The board strongly recommends members to reject Emag&#39s resolutions as they fly in the face of top-class legal advice.”


Abbey – 15-Year Fixed Rate

Type: Fixed-rate mortgage Fixed term: Until June 2, 2019 Fixed rate: 5.74% Minimum loan: £6,000 Maximum loan: Up to 95% of valuation subject to a maximum of £250,000, up to 90% of valuation subject to a maximum of £1m Income multiples: Three times principal income plus second or 2.5 times joint Arrangement fee: £199 Redemption […]

Pru wins Queen&#39s Award for international business

Prudential is one of four UK financial services companies to have their achievements acknowledged with a Queen&#39s Award for Enterprise this year. Pru is the biggest business ever in monetary terms to win a Queen&#39s Award, which it received in the international trade section for the growth it has achieved in overseas markets over the […]

NU says strength comparisons are misleading Govt move to change wind-up priority

The Government says its decision to change the priority order on pension wind-ups will help to ensure that pension savers do not lose all their entitlements if their scheme goes bust. Under pressure from backbenchers calling for compensation for 60,000 wind-up victims, the Government has said it will bring in laws to ensure that pension […]

Ex-DBS chief Ansell joins Prestbury

Former DBS chief executive Nick Ansell has joined non-regulated financial services firm Prestbury Holding as strategic development director. Ansell, who stepped down from DBS following parent Misys IFA services&#39 integration of the firm into a single management and support structure in August 2002, will focus on the development of Prestbury&#39s IFA arm and new business […]


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