Board members and action groups in the Equitable Life debacle may be closer to finalising a deal wit...
Board members and action groups in the Equitable Life debacle may be closer to finalising a deal with policyholders, following a meeting earlier this week to discuss the subject of Equitable's annuity liability.
This was the first time the prominent action groups met the full board of Equitable Life Assurance.
In discussions about the draft compromise scheme, board members are said to have recognised the the needs of policyholders without guaranteed annuity rate policies must also be met in the light of the report being prepared by Nicholas Warren QC, which is due in coming weeks.
The report will set out whether policyholders without guarantees are victims of mis-selling and could therefore be entitled to compensation.
Policyholders are not likely to hear of the board's draft compromise proposal until mid-September, however, there is thought to be anagreement that commonality of purpose between the Equitable Board and action groups.
Both parties will meet again over forthcoming weeks to discuss the details of the compromise and how it will be communicated to policyholders.
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