10th July 08 - Ombudsman Report Into Life Insurance Company Due
Posted on Friday, July 11th, 2008 at 3:34pmThe life insurance sector is waiting expectantly to hear the results of a report into why life insurance company Equitable life nearly folded in 2000.
Equitable Life’s crisis affected a great many life insurance policyholders, with around 1 million losing suffering loss in the value of their investment.
The report is being overseen by parliamentary ombudsman Ann Abraham and speculations are rife that she will place much of the blame for the near-collapse at the feet of watchdog groups, the Financial Services Authority and the Government Actuary Department.
Such a finding would be welcome news to Equitable customers, many of who are expected to try and claim compensation from the government over the roles its organisations played in affecting the life insurance giant.
