A High Court ruling has given Equitable Life's policyholders another glimmer of hope in their fight for recourse against the near-failed insurer. The Parliamentary Ombudsman (Ann Abraham) recently dismissed a test case but the ruling will allow the dismissal to be challenged. Equitable policyholders want the Ombudsman to re-open her enquiry.
Our View
The main finger pointing for the near-failure of Equitable Life was made in the direction of the directors of the company. This meant that policyholders would find it difficult to lay blame and get compensation. Whilst the government and industry regulators were also blamed, the majority was laid at the doors of the directors. Getting the Ombudsman to have another look into the company could turn up additional information in favour of policyholders.