Equitable Life AVCs _ Who Pays

Equitable Life AVCs - Who Pays

Additional voluntary contribution scheme members and other policyholders who saw investments with Equitable Life slashed should not get compensation from the public purse, actuaries say.  Recently, parliamentary ombudsman Ann Abraham published a report listing 10 cases of maladministration by the former department of trade and industry, the government actuary’s department and the FSA in relation to their regulation of Equitable Life in the period before 1 December 2001.  

This is a difficult call.  The Government and particularly, the regulators have a legal duty to protect the people.  In this regard, it has failed but so did the directors of Equitable as did their auditors.

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