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.
Latest stories
Savers are ultimately responsible for their own decisions, says industry
Most people think it is right that savers take responsibility to protect from pension scams.
GMP equalisation could land DB members with six figure tax bill
More than 100,000 savers face being landed with huge tax bills following tiny uplifts to their pension, a Freedom of Information (FOI) reply has revealed.
Our politicians should help us simplify the system
Alan Pickering says politicians should have the freedom to redefine what is meant by 'absolute'
Back to Top
