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Equitable Life saga goes on

The Equitable Life nightmare goes on for the UK government with news that the Equitable Members Action Group (EMAG) has obtained permission to take the UK government to court amid demands for significant compensation. The near collapse of Equitable Life saw many policyholders lose a significant chunk of their retirement savings and even though this happened nearly a decade ago the UK government has refused point blank to compensate the victims in full.

Whether the legal action will be successful and see the UK government pay out compensation in full remains to be seen but the failure of regulators to protect customer assets in Equitable Life has affected many. The situation is causing significant problems within regulatory circles as the new directors of Equitable Life also believe the government is responsible for compensating those who lost out in the near collapse.

It will be interesting to see how the UK government respond to the legal action and whether in fact an out-of-court settlement will be agreed to save fees on both sides. Even though the government have agreed to pay a percentage of losses in the form of compensation many former Equitable Life customers believe they should be compensated in full.

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