Equitable Life Must Be Sorted

Equitable Life Must Be Sorted

The UK cannot afford to have the Equitable Life saga hanging around any longer and must resolve it quickly, the National Association of Pension Funds (NAPF) has said in the wake of the parliamentary ombudsman’s report.  In the report, Ann Abraham called on the government to apologise to policyholders and to fund a compensation scheme.  She also made 10 determinations of maladministration on the part of the former Department of Trade and Industry and the FSA.  The report suggested the compensation scheme be established within six months of the government agreeing to do so and once operational, should complete its work within two years.

NAPF chief executive, Joanne Segars, commented on the findings “It is vital for the country that confidence in pensions continues to be rebuilt, and we cannot afford to have this hanging around for years to come”.  Equitable Life chairman Vanni Treves welcomed the report and called on the government to accept the recommendations.  However, some corners of the industry voiced concerns about the taxpayer picking up the bill.

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