Anger and resignation as Equitable drops claim REACTION LONDON 1ST EDITION

The ending of the legal claims leaves policyholders facing a choice between three main options over the future of the society. The annuity and with-profits funds could be sold; the with-profits fund could be unitised, creating tradeable securities; or the funds could be allowed to run off, paying po...

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Bibliographic Details
Published inThe Financial times (London ed.)
Main Author CHARLES BATCHELOR and ANDREA FELSTED
Format Newspaper Article
LanguageEnglish
Published London (UK) The Financial Times Limited 03.12.2005
Subjects
Policyholders
Resignations
State court decisions
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Summary:The ending of the legal claims leaves policyholders facing a choice between three main options over the future of the society. The annuity and with-profits funds could be sold; the with-profits fund could be unitised, creating tradeable securities; or the funds could be allowed to run off, paying policies as they mature over the next 30 to 40 years. Paul Braithwaite, general secretary of the Equitable Members' Action Group, said: "The promise of billions in compensation, held out for four years, finally hit the rocks and still the society seeks to distract policyholders with more deplorable smoke and mirrors." Paul Weir, founder of the Equitable Late Contributors Action Group, which represents people who took out policies after 1998, said of the legal climbdown: "I am hardly surprised but equally I am appalled that they launched a legal action in the first place."
ISSN:0307-1766