Eq Life action group launches High Court challenge

The Equitable Members Action Group (EMAG) says the challenge follows the Government's refusal to implement all the recommendations of parliamentary ombudsman Ann Abraham in her report last summer. Equitable was forced to close to new business in 2000 after being unable to pay guaranteed annuities. It is estimated around one million policyholders lost about £4bn as a result. Abraham found the Government guilty of "a decade of regulatory failure" prior to Equitable's near demise in her report. But the Treasury rejected some of her findings and, instead of setting up a compensation scheme ...