Equitable Life commits to fair compensation in 2011
Equitable Life will dedicate the next year to focus on securing fair compensation for policyholders who lost out in the firm’s collapse, the insurer’s chief executive has said.
Chris Wiscarson said the business would work with the Treasury and the Equitable Life Members Action Group to ensure payments promised by the new government begin no later than the summer of 2011.
He said: “For the remainder of 2010, the key focus of the society is to promote the interests of its policyholders in securing fair compensation following the government’s coalition commitment. We are in contact with the Treasury to assist with the practical implications of a payment scheme. Equitable Life will be an important source of data and we stand ready to support Treasury in making sure the implementation of the payment scheme does begin no later than the summer.”
His remarks came as Equitable Life reported its half-year results, showing excess realistic assets of £736m, an increase of £61m on the year-end position, with an interim bonus of 3.5 per cent.
Mark Hoban, financial secretary to the Treasury, is due to announce the amount available for compensation to policyholders as part of the government spending review on 20 October.
Anthony Badaloo, principal of Hertfordshire-based Church Hill Finance, said: “The policyholders deserve a fairer deal. The fact there is money available on the balance sheets suggests that the policyholder should come first.”