Eq Life members face compensation delay
UK - Beleaguered Equitable Life has put its compensation scheme on hold for anyone with a guaranteed pension.
More than 60,000 policyholders will now have to wait while Equitable drafts a new agreement with the FSA before they get any redress.
The decision – which has angered policyholders who have been waiting nearly three years for compensation – follows Equitable’s preliminary results for 2002.
The results claimed that while there were a number of issues still to be resolved, there were “no more shocks” waiting for policyholders.
Equitable Life chairman Vanni Treves said: “We are still some way off declaring a clean bill of health.
“There are a number of difficult issues that still need to be resolved but, looking forward, I am cautiously optimistic about the society’s outlook.”
The comments come just days after a report published by the Equitable Members’ Action Group, which showed regulatory failure and mismanagement of Equitable Life dates back nearly 15 years.
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