Policyholders in Equitable Life are well positioned to take on the government in European courts according to legal advice from the company's own QC's, reports The Daily Telegraph.
The advice comes on the basis of a reading of the European insurance directive, suggesting government regulators failed by over-emphasising the value of a reinsurance contract in the company’s accounts. The £809m contract, enforced at the behest of the FSA in 1998, was nullified by the House of Lords ruling in 2000, the Telegraph writes. The Scotsman says the European option is balanced against news the company has found no grounds for challenging UK regulators in the UK, according to a letter being sent to some 350,000 members. The letter also urges policyholders not to vote in fa...
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