The Equitable Members Action Group is in the process of launching into a battle to gain compensation from the Government. EMAG is attempting to collect 1,000 signatures that can be submitted to Equitable's Annual General Meeting on 19 May 2004. The submission will be a bid to get £2m worth of backing of Equitable Life to take on the Government for compensation.
Charles Thompson, Equitable's Chief Executive has apparently stated that the board of Equitable Life will consider any formal request it receives for funding a policyholder action against the Government.
Our View
We await the outcome but have no doubt the 1,000 signatures will be obtained. Whether or not Equitable agree to fund the action, who can tell but, £2m against the Government? May as well spend it on white paint!