Equitable admits mistakes over exit penalty - papers 18 Feb

Equitable Life said on Sunday it made a mistake by not announcing publicly a tightening of its policy on exit penalties that could affect thousands of policyholders, says the Financial Times. The troubled mutual changed its policy 10 days ago, when it received High Court approval for a compromise deal to remove its £1.1bn ($1.6bn) guaranteed annuity rate liability by paying policyholders an uplift to their with-profits policies next month. Until the court's decision, Equitable had been allowing members with GARs who held retirement annuity policies to transfer their funds to other pro...