Equitable Life Compensation Comparison
Published / Last Updated on 18/08/2009
Equitable Life Compensation Comparison
The Equitable Life saga that has continued for nine years now, continues with debate still raging about a special compensation scheme the Government has set up for those who are most needy.
Equitable Life collapsed when it was ordered to honour “guaranteed” annuity rates that it had promised to pension investors when they retire.
In the subsequent years, much movement took place with parts of the business being sold off to competitors as well as many investors leaving in their droves looking for a safer haven.
There have been penalties, market value adjustments and complicated advice given to investors to try and ensure the best outcome. Each Equitable Life policyholder being individual and as such their advice needs were different.
The Parliamentary Ombudsman recommended a Government led compensation scheme to benefit all policyholders.
The Government has agreed a special voluntary compensation scheme but only for those most needy and most affected by the collapse. Sir John Chadwick, the person designing the compensation scheme has said that he needs comparative figures from similar Life Insurance Companies in order to work out a fair compensation scheme.
Useful links:
Contact us - Book Callback - Free Consultation - Newsletter - Money MOT - Discounts
