Equitable Life

Trapped Annuitants

supporting the With-Profit annuitants of Equitable Life



An Equitable Assessment of Rights and Wrongs

by Dr Michael Nassim

13.  References, Source Material and Acknowledgements

13.  References, Source Material and Acknowledgements

1)       Carnaghan C, Slater C & Braithwaite P:  17 September ’03 - The Parliamentary Ombudsman’s report on the Prudential Regulation of Equitable Life.  A paper for MPs on the select committees on Public Administration and Treasury, outlining why the Parliamentary Ombudsman’s report should be rejected as deeply flawed.  http://www.emag.org.uk/documents/TreasComSub 17903.htm

2)       Hansard as cited.  http://www.publications.parliament.uk

3)       Dr. M.A. Nassim to Sir Howard Davies: Nov 21st 2001.

4)       Sir Howard Davies to Dr M.A. Nassim:  Nov 28th 2001.

5)       Dr M.A. Nassim to Mrs J. Hall, Manager, Equitable Life Assurance Society.  Oct 8th, 2001.

6)       Nassim M.A: “The Equitable Life Disaster-Does it compare to the Lloyd’s asbestosis scandal of the 1980’s?”  Paper dated 14th Nov 2001 for the Equitable Life Members Support Group, Mr. Alan Duncan MP, Mr. Christopher Chope MP and Sir Howard Davies.  http://www.cookham.com/community/equitable/michaelnassim1.htm

7)       The Baird Report: http://www.equitablelife-enquiry.org.uk/baird_report.htm

8)       Ranson R.H. and Headdon C.P(1989)*:  With Profits Without Mystery.               J.I.A. 116, 301-345.

9)       Editorial:  Without Profits: the Mystery that caused Equitable’s Demise. Astute Investor.  Jan 24th 2003 et seq. http://www.investorsassociation.org  To access this paper and thread, register on the website and access it via the “forums” or “search” buttons. Then find the path: The Equitable Life scandal>Investors Association special report>Without Profits etc”.

10)   Ranson R.H. and Headdon C.P(1990)*: With Profits Without Mystery.  T.F.A. 42, 139-186.

11)   Ogborn M.E:  Equitable Assurances (The Story of Life Assurance in the Experience of the Equitable Life Assurance Society 1762-1962).  George Allen and Unwin Ltd, London 1962.

12)   Scawen P:  Equitable Life and its Handling of With-Profits Annuities.  ELTA (Equitable Life Trapped Annuitants) paper dated 27th Aug 2003.  Section 3.

13)   Field M.H(1987)*:  Presidential Address: - Risk and Expectation.  J.I.A. 114, 1-14.

14)   Lyon C.S.S(1988)*:  The Financial Management of a With-Profit Long Term Fund- Some Questions of Disclosure.  J.I.A. 115, 349-404.

15)   Josephs M:  The Enigma of Equitable’s Funds.  Investors Association Special Report, Dec 8th 2002 et seq.  http://www.investorsassociation.org   To access this paper and thread, register on the website and access it via the “forums” or “search” buttons.  Then follow the path: The Equitable Life scandal>investors association special report>Equitable’s Missing Billions.

16)   The Equitable Life Assurance Society: Background to the Proposed Compromise.  Section 1.3 The GAR Problem.  P6.

17)    American Names Association:  A 10-Minute Overview of 30 years of Fraud at Lloyd’s.  http://www.truthaboutlloyds.com/fraud/10minutes.html

18)   American Names Association:  Fraud and Lloyd’s of London.  http://www.truthaboutlloyds.com/fraud.html

19)    Blake D:  An Assessment of the Adequacy and Objectivity of the Information Provided by the Board of the Equitable Life Assurance Society in Connection with the Compromise Scheme Proposal of 6 December 2001.  Pensions Institute paper prepared for the Equitable Members Action Group dated 19 December 2001.  http://www.pensions-institute.org/reports/equitablelife_DBreport.pdf

20)   Mr. Justice Langley’s Strike Out Judgement of Oct 17th 2003.  Sections 53- 66.  http://www.cookham.com/community/equitable/langleyletter.htm

21)   B&W Deloitte:  Non-GAR mis-selling claims:  Independent Actuarial Review.  Prepared for the Equitable Life Assurance Society.  September 2002.  http://www.bw-deloitte.com

22)   Burgess Hodgson (Chartered Accountants): A Forensic Analysis of the Equitable’s With Profit Fund 1993-2000.  Report prepared by Colin Slater for the Equitable Members Action Group.  March 2003.  http://www.emag.org.uk/documents/BH_11_page_report_260303.pdf

23)   Burgess Hodgson (Chartered Accountants):  The Equitable Life Assurance Society.  The With Profit Fund 1993-2000.  Addendum to report.   Prepared by Colin Slater for the Equitable Members Action Group.  http://www.emag.org.uk/documents/addendum.pdf   (Note that the version on the Equitable Life Members Support Group site also contains a facsimile extract from the memorandum of Catherine Payne (an Equitable actuary) to Christopher Headdon.)

The J.I.A. and T.F.A are accessible and downloadable in .pdf format via the Resource Centre button on The Faculty and Institute of Actuaries website, http://www.actuaries.org.uk .  


There is much more useful information available on the following support group websites, which should be visited to see what is available:


Though the plot of this paper would have been lost by diversions into the various legal opinions, the writer has working knowledge of them.  Interested readers will find them most conveniently via the Equitable Members Action Group and Equitable Life Members Support Group websites.


Writing this paper would have been beyond the abilities of any one person had it not been for the patiently accumulated labours and thoughts of many people.  Much of it is on the websites listed above.  The author is happily beholden to them all, and to those whose constant efforts maintain the sites themselves.  Beyond this, he has enjoyed the help and involvement of Michael Josephs, Nicholas Oglethorpe and Peter Scawen in taking this paper through its various drafts.  Its form, quality and content owe much to them.  Despite their best intentions there must be imperfections- but these are the author’s.


 Dr Michael Nassim

12 January 2004