FinancialAdvice.co.uk Logo

Qualified advisers answering your
Financial Questions
for FREE within 60 minutes*

Why has it taken 10 years to address the Equitable Life collapse?

It is difficult to appreciate how it has taken the UK government 10 years to come anywhere near answering compensation claims for the Equitable Life debacle back in 2000. Equitable Life was literally on the verge of collapse due to a number of retirement guarantees offered to customers which came back to bring the company to its knees. The company lost a high-profile court case which effectively forced the breakup Equitable Life and a nightmare scenario for many customers.

The new coalition government has recently indicated a potential compensation payment of around £500 million although this is only a fraction of that expected by campaigners on behalf of those who lost out. While the current UK government was obviously not involved in the Equitable Life debacle it has been left to carry the can and many experts are deeply disappointed about the potential compensation figure being mentioned. However, this does not answer the question as to why it has taken nearly 10 years for the issue to be addressed - although the final ruling will not come into play until late in 2010/early 2011.

Aside from problems relating to the Equitable Life collapse we must ensure we do not see a repeat of the situation in the future.

Share this..

Related stories

Ask your question now!

Ask your question in the box below

Contact details are required so we can respond to your question

Allow 60 minutes* for a response from our UK qualified advisers

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:



Latest News

Blogs

Are you prepared for the Mortgage Market Review?


As of 26th April, the Mortgage Market Review (MMR) will come into effect. This will affect everybody hoping to apply for a mortgage, including those re-mortgaging their homes. This is because applying for a mortgage will become a more rigorous process.


Read more

Useful Links

Popular Searches

Please Enter More Details

 
Enter More Details
Continue