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Equitable Life Victims Could Claim Billions

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http://www.telegraph.co.uk/money/main.jhtm.../neqlife109.xml

A damning report into the near-collapse of Equitable Life will highlight failings by government regulators and pave the way for billions of pounds in compensation to be paid out of the public purse.

The parliamentary ombudsman, Ann Abraham, will announce in a report due to be published next week that watchdog bodies were guilty of maladministration ahead of the demise of the world's oldest insurance company.

More than a million customers lost up to 50 per cent of their pensions and savings when the firm was brought to its knees in 2000 in one of Britain's biggest financial scandals.

Equitable Life was forced to close its doors to new business after it admitted it had claimed customers' investments were worth £3 billion more than the company's total assets. As a result the insurer slashed the value of customers' policies.

Ms Abraham's long-delayed report, a draft copy of which has been seen by The Daily Telegraph, lays the blame at the door of the Treasury for failing to keep the insurer in check.

In the current climate if this gets to court has the govt got the tax revenue to pay for this???

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I stand to reap a rich reward on this as I have an EL policy going back to the 1980's. Thankfully, I followed the egg approach to retirement investing and also have funds with Scottish Widows and Norwich Union. SW has not done too badly. NU sucks and EL were awful. I have now gone the SIPP route with Fidelity UK.

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I stand to reap a rich reward on this as I have an EL policy going back to the 1980's. Thankfully, I followed the egg approach to retirement investing and also have funds with Scottish Widows and Norwich Union. SW has not done too badly. NU sucks and EL were awful. I have now gone the SIPP route with Fidelity UK.

You didn't go for BTL then, I hear the returns where guaranteed :P

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This doesn't make the regulator responsible though. Its like suing the police if you are a victim of crime. The criminal committed the offense not the policeman.

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Zurich is one to watch and anyone with a pension with them need only think of one word 'Enron'

The FSA are on the case but paper tigers are little use.

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I lost a packet with them.

Anyone got any news of court actions?

I would suggest that you join EMAG. See the EMAG website here:

http://www.emag.org.uk/

This will keep you up to date with developments regarding Equitable Life and the attempts to gain compensation (well deserved in my opinion).

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  • 395 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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