Report on life insurance firm delayed

Thu, 24 May 2007

A report into what really happened in the aftermath of the collapse of Equitable Life in 2000 has been delayed once again. The Parliamentary Ombudsman, Ann Abraham, wrote a letter to MPs saying that the nature and extent of responses from the Treasury and City regulator to an early draft necessitate further investigation.

For those people who still hold Equitable Life policies, and saw their savings slashed at the time, the delay will be a blow. Many eagerly await the chance of being awarded compensation . The report is now likely to be released in January.

Equitable Life closed its books to any new customers in 2000, following revelations that the company could not honour their pensions and life insurance policies . Policyholders will await a vote on the report in Europe, scheduled for June.
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