View more on these topics

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

Recommended

1

LM Financial pursues Bermudan dream

IFA firm LM Financial are pursuing a Bermudan dream as part of funding drive to raise capital for a Brit flick which it hopes will deliver clients onshore tax-breaks . LM marketing manager Tony Wright-Jones is flying out to the island paradise following a shortage in supply of suitable British film projects which qualify as […]

Health boom on the way as survey reveals concerns

The UK healthcare market could be set to boom as a survey reveals thatnearly six million people in the UK are worried that they do not haveadequate health insurance. Legal & General&#39s latest consumer intentions survey of over 1,000 adultswas carried out across the UK in June and reveals widespread concern. A key finding is […]

Midshires chooses managing director

Halifax specialist lending arm Birmingham Midshires has appointed DanWatkins as managing director. He succeeds Ian Kerr, who has left to take upa senior role within the combined Halifax/Bank of Scotland group. Watkinswas previously Midshires director of mortgages and savings and has beenappointed to lead it through its transition to sub-prime lender later inthe year.

Business announcements less negative, says KPMG

The downturn in the UK economy may not be as bad as some analysts fear, according to figures compiled for KPMG by Mandis Information Services which shows fewer profit warnings being issued.Negative announcements across 21 sectors of the UK economy for the first six months of 2001 fell by 22 per cent compared to the […]

Converting pension savings to a retirement income…

Since last year’s reforms to pension legislation, a significant number of retirees have chosen income drawdown over purchasing an annuity. Income drawdown is more flexible than an annuity. However, it also increases the likelihood that individuals won’t be able to maintain their income throughout their lifetime. In this short video, we explain the risks that […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com