The action group, Equitable Life Trapped Annuitants, has been urging people seeking compensation for reduced annuity payments to join their group. ELTA is proposing to issue a writ against Equitable before 15 July in an attempt to recover compensation for those annuitants that are part of the action. The cost of joining the action for compensation is £1000 and 650 have already signed up. The money will be used to pay for court costs and legal advice.
Our View:
ELTA seems very confident of winning their court case against Equitable. The action group's lawyers are also optimistic, and said that the only people to have received compensation so far is those who have threatened court action. It seems a shame that Equitable policyholders have to pay for this action when they have a right to full annuities. The whole investigation into Equitable Life was a shambles and the only people made to suffer are the policyholders. The directors and people involved seem to be slipping through the net.