EQUITABLE LIFE is today set to offer a group of policyholders £2m to pursue a legal action against the Government, according to this morning's Times.
A vote is being held which could see the Equitable Members’ Action Group’s receive money from the beleaguered firm if they agree to fight as a collective.
The Times says this is likely to appease member, however, as a letter composed by QCs Iain Milligan and Robert Miles - both hired by Equitable – have concluded there are no grounds for either the society or EMAG to make "a realistic claim against the regulator".
THE PARLIAMENTARY Ombudsman will also face increasing pressure today from Equitable Life to re-open her inquiry into the near-collapse of the firm, says the Daily Telegraph.
Given the announcement due from the society today, the only remaining route is to take action against Ann Abraham, however, the Telegraph points out even if she concluded Equitable members should be compensated, she can only recommend, not demand, the Government pays up.
INSURERS underwriting compensation claims for companies involved in the split capital investment trust debacle could also find themselves hauled before the Treasury Select Committee if they are preventing speedy compensation, adds the Telegraph.
The FSA has been trying to broker a deal with companies involved in the split-caps debacle, however, many of the 23 firms have so far refused to cooperate because of concerns about their PI cover, the impact of compensation and the effective acceptance of liability.
The FSA gave companies until March 16 to respond, and it is thought that only three companies have said they would be happy to participate without any conditions in such an agreement.
It has been suggested it is the terms of insurance contracts that are “stymieing” progress on compensation.
AT LEAST 10,000 disgruntled Royal Bank of Scotland staff are planning to hijack the bank’s annual meeting in Edinburgh next week by presenting protest cards about their pay, says this morning’s Scotsman.
After reporting record pre-tax profits of £6.2bn, the union Unifi is seeking to get their staff a better pay deal by “embarrassing” the company and gathering with placards outside the building to promote a “Because they’re worth it” campaign.
BILLIONAIRE financier George Soros has warned European Union new entrants their currencies could be vulnerable to foreign investors’ speculative attacks before they join the eurozone on May 1st, continues the Scotsman.
Reinsurers are about to reset the rules on life insurance payouts which could see payments being reduced in the event of terrorist attacks, continues the Times.
Reinsurers are concerned they would face huge life insurance payouts if thousands of highly paid City workers were killed in a terrorist attack similar to New York’s World Trade Centre atrocity three years ago, so pension funds are being forced to limit the life cover.IFAonline
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