Equitable pyramid had £2bn "black hole" in 90s - papers 27th March

EQUITABLE LIFE is going to be in the firing line over the next two days, as further information about its financial status - prior to collapse - emerges. The Times leads its business section with news that an Equitable policyholders action group has accused former management of running the insurer like a pyramid investment scheme, also claiming that its with-profits fund had sustained a £1 billion "black hole" throughout the 1990s. Policyholders have submitted a report to the Penrose enquiry arguing that Equitable management consistently ran the with-profits fund so that policy va...