Equitable board playing for time, says Clarke Willmott

Equitable Life is relying on statutes of limitation and exagerated threats of the difficulty of winning compensation to see off the threat of mis-selling claims, says law firm Clarke Willmott in its latest Financial Services Update. The Limitation Act means that an increasing number of transactions cannot be considered for legal proceedings because they took place six or more years ago. Investors do have a period of 15 years from the date of a transaction to make a legal case, but only three years from a "date of knowledge", which in this case was the House of Lord's decision ...