Equitable Life chief executive urges policyholders to accept compensation
Chris Wiscarson, the chief executive of Equitable Life, has today stepped into the mix with regards to the ongoing compensation claim being handled by the UK government. It is believed that customers lost in the region of £4 billion - £4.8 billion when Equitable Life was forced to renege on a number of promises on some of its investments. However, the chief executive of the Equitable Life believes that a figure of around £2 billion would be "great start" in relation to compensation.
Many Equitable Life customers will be devastated to hear the company itself suggesting that a figure of around half the estimated cumulative losses by customers should be seen as a "great start". It is easy to forget that some people literally lost their life savings when the company nearly collapsed and almost a decade later they are no where to find out if, when or how much compensation they can expect.
This despite the fact that the UK government has accepted partial responsibility for regulatory relapses in the past, although seems reluctant at this point in time to put a figure on any potential compensation payment. This is turning into something of a PR disaster for the coalition government and needs to be resolved as soon as possible.
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