report is the Carr QC & Moss QC opinion on Equitable policyholders'
complaints to the FOS. Although it was produced on 30 September 2003, it
has not been available until December 2003 and only by special request
reveals that (in their view) Jane Whittles (FOS Principal Ombudsman) has
accepted that Hirst is correct.
If this is so, then anybody who has signed up for one of ELAS' 5% or 2.5%
offers, has kissed goodbye to proper compensation through the FOS which
will almost certainly be much higher.
The Carr/Moss opinion is dated 30 September 2003. In the interim, the FOS
appears to have been complicit in acting as postman to forward hundreds or
possibly thousands of these offers to complainants, in the full knowledge
that those who wait will probably get more.
The covering letter does of course carry a get out, "it's entirely
your decision, we cannot recommend either way" etc.
The waiver that victims sign if they accept these offers, means that they
forego ALL rights to claim in the future including a share in any
compensation from the Treasury. They may end up worse off than people who
have never even lodged a claim.
following reports are in Adobe Acrobat format. If you do not have a copy
you can download it by clicking on the above logo. Note that the reports
are quite large and may take a while to download.
1. Lovells (Equitable's
Lawyers) letter to the FOS (Financial Ombudsman Service) - 831kb
2. Carr & Moss
(part 1) - 1.55mb
3. Carr & Moss
(part 2) - 1.94mb