Guaranteed Annuity Rates

The Serious Fraud Office (SFO) has been instructed to release potentially sensitive documents about the downfall of Equitable Life following a Freedom of Information (FOI) request.

An ex-Scottish Widows whistleblower who claims auditors have helped life companies cover up £40bn in guaranteed annuity rate (GAR) liabilities has had his request for a judicial review turned down.

Variable annuity sales rose by 34% to £445m in the first half of 2010 compared to H2 of 2009, according to research from Towers Watson.

Equitable Life's board of directors is now in discussions with legal representatives to establish whether it has a case for compensation in the European courts against the UK regulatory regime.