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Information on this web site is not intended to be advice. You should consult an IFA or other qualified adviser who will help you to make the best decisions based on your circumstances. |
EQUITABLE LIFE
In mid January 2009, the Treasury announced proposals for compensation for those hardest hit by the Equitable Life failure. However, compensation will be small compared to the losses suffered by policyholders and any payout is not expected in the near future.
Equitable Life's problems arose in the 1990's long before the Banking Crisis of 2008 onwards. The problem was caused by the society not having sufficient reserves to meet certain gauranteed annuity rates.
As a result the society closed its with profits fund in at the end of 2000.
It is estimated that over 1 million people have been affected by the society's failure. A group of policy holders have set up a pressure group at http://www.equitablelifemembers.org.uk/