The Equitable Life Members Action Group has urged the Financial Ombudsman to open a fresh investigation into the mutual society's huge overpayment of bonuses during the 1990s, says this morning's Daily Telegraph.
General secretary Paul Braithwaite presented a report from chartered accountant Burgess Hodgson – produced by EMAG former chairman Colin Slater – which showed the bonus payments meant policy values only matched the value of the society's assets during two brief points in the decade when share prices spiked, according to the Telegraph. Braithwaite says in the report the policyholders had been misled about the troubled mutual insurer's financial health and should therefore be able to appeal to the ombudsman for compensation. The matter has been complicated further, says the Guardian, as...
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