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Put Equitable out of its misery

For heaven&#39s sake, why doesn&#39t the powers that be stop pussyfooting

around and declare Equitable Life insolvent?

According to a report in Money Marketing, the appointed actuary reported

that as at December 31, 2000 “total policy values were in excess of the

available with-profits assets” or, in plain English, liabilities exceeded

assets. The definition of insolvency.

When someone of Stuart Bayliss&#39s expertise is warning that “the effluent

is about to hit the ventilator”, why isn&#39t some-one listening? Why doesn&#39t

the regulator let the Treasury do its duty and put this basket case out of

its misery?

I realise the ramifications but the alternative seems only to rob

policyholders. This is as big a mess as Barlow Clowes and on that occasion

the Government bit the bullet.

A declaration of insolvency would provide policyholders with 90 per cent

of their assets by current Equitable standards – a pretty good deal.

Low charges and no middle-men do not guarantee a secure future.

Government, please note.

Harry Katz

Norwest Consultants,

Edgware, Middlesex



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