Equitable Life victims have rejected Sir John Chadwick's compensation review, calling it a ‘cover-up'.
The Equitable Members' Action Group (EMAG) has withdrawn from involvement in Sir Chadwick's review of compensation, saying the Treasury is attempting to defy the recommendations of the Parliamentary Ombudsman.
EMAG says: "'The Chadwick Process' seems to have been devised to delay, deny and reduce the substantial compensation found to be warranted by the Parliamentary Ombudsman."
It says Sir Chadwick and the Treasury have failed to release their actuarial figures, detailing the types of policyholders and quantification of their losses.
Last week, EMAG had threatened to cease co-operating with Chadwick, and has today withdrawn its support for his review.
Subset of fintech
Just one-fifth not in favour
Armed forces charity
Member of PRA's practitioner panel
Risk to retail investors