EQUITABLE LIFE MEMBERS
News History
23 March 2017 Backbench Business Committee Equitable Life Debate
11 February 2016 Debate in Parliament on Equitable
26 February 2015 Debate in Parliament on Equitable 11.30am
22 October 2014 EMAG Westminster Rally
14 November 2013 EMAG AGM Birmingham.
11 September 2013 All Party Parliamentary Group Meeting 2.00pm
26 July 2013 Public Accounts Committee Report on Equitable Life
15 May 2013 Meeting of APPG Group of MPs on Compensation administration problems
13 March 2013 Visteon Pensioners Rally to Downing Street and Palace Yard
21 June 2012 EMAG Meeting Corby
22 May 2012 EMAG Board Meeting
4 May 2012 EMAG Meeting Cochester
1 May 2012 EMAG Meeting New Forest
25 April 2012 Equitable Life APPG
7 March 2012 Parliament Protest
5 March 2012 EMAG Croydon Meeting
8 December 2011 EMAG Oxford Meeting
7 December 2011 EMAG Norwich Meeting
1 December 2011 EMAG Tunbridge Wells Meeting
15 November 2011 EMAG Swindon Meeting
10 November 2011 Equitable Life APPG
Summer 2011 Compensation cheques to start being sent out
16 May 2011 Equitable Life Payment Scheme Published
28 March 2011 Equitable Offer Payout of 12.4%
January 2011 Independent Commission to Report
10 November 2010 3rd Reading of Equitable Life Payments Bill
20 October 2010 Announcement of compensation as part of Public Spending Review
14 September 2010 Parliamentary Debate - Equitable Payments Bill
22 July 2010 Mark Hoben MP's statement to the House of Commons on compensation
20 July 2010 Parliamentary Debate on Equitable Life
4 June 2010 Ernst & Young fined by JDS over Equitable Life
24 February 2010 Equitable All Party Group Meeting Committee Room 10, 15.15hrs
29 January 2010 Closing date for representations to Sir John Chadwick's Interim Report
16 December 2009 Sir John Chadwick to outline latest findings on ex-gratia scheme
December 2009 JDS Document on E&Y Due to be Published
23 November 2009 Equitable Announce Transfer of Admin to HCL (.pdf)
4 November 2009 EMAG Big Rally and Lobby of Parliament
21 October 2009 Debate on Equitable in Parliament
15 October 2009 Judgment on EMAG Judicial Review backs policyholders
5 October 2009 E&Y Appeal to be heard
24 July 2009 Chris Wiscarson is appointed Chief Executive of Equitable
21 July 2009 Start of EMAG's three day hearing in High Court
24 June 2009 Completion date for Treasury defence in High Court
23 June 2009 Equitable Adjournment Debate Westminster Hall
21 June 2009 Ernst & Young Drop Gagging Order on JDS Report on Equitable
18 June 2009 Ernst & Young Appeal in High Court re Privacy of JDS Report
11 June 2009 Stafford policyholders meeting with David Kidney MP
18 May 2009 Westminster Hall - MP Debate on Equitable (HMG response to Parliamentary Ombudsman’s report on Equitable Life)
28 March 2009 Equitable Life Meeting in South Redditch Sports & Social Club, Redditch 11.30am
29 January 2009 PASC - PO's Memorandum to PASC
29 January 2009 PASC to hear reaction to Government's proposals on Equitable Life
27 January 2009 Steve Webb MP, Lib Dem led Adjournment debate at 11am
15 January 2009 Yvette Cooper MP replies to the PO's report, postponed from Autumn 2008
December 2008 Joint Disciplinary Report on Ernst & Young (Equitable's auditors) due
9 December 2008 Public Administration Select Committee
1 December 2008 EU Petitions Committee Discuss Equitable
26 November 2008 AADB announce new investigation into Equitable
20 November 2008 MP Briefing Meeting with EMAG 10.30am Committee Room 13
13 November 2008 Public Administration Select Committee interviews
12 November 2008 MP Briefing Meeting with Vanni Treves and Charles Thomson of Equitable 11am Committee Room 7
11 November 2008 Action Groups and Equitable Management Appear before Public Administration Select Committee
30 October 2008 PO Appears before Public Administration Select Committee
17 July 2008 Publish date of Parliamentary Ombudsman Report on Equitable Life
10 July 2008 Press Statement from the PO
23 January 2008 European Parliament Meet on Equitable
10 January 2008 Equitable Settles with Annuitants
6 December 2007 PO Writes to MPs regarding delay to Report
28 November 2007 High Court ratification of Prudential transfer
27 November 2007 Transfer of With Profits Annuity Policies to Prudential
31 October 2007 Transfer of With Profits Annuity Policies to Prudential (Vanni Treves and Charles Thomson)
26 October 2007 EGM on transfer to Prudential
21 August 2007 Letter Delivered to Treasury regarding European Parliament Report
Summer 2007 Issue of European Parliament Report into Equitable Life
19 June 2007 EQUI results announced
Spring 2007 Planned issue of Parliamentary Onbudsman Report into Equitable Life
24 April 2007 Equitable MVA reduced to 5%
March 2007 Ernst & Young Hearing by the JDA
15 March 2007 - Equitable Sells W/P Annuitants Book to Prudential
2 March 2007- Roy Ranson ex MD of Equitable expelled from Institute of Actuaries
1 February 2007 Court hearing on Equitable non-profit transfer to Canada Life
4 January 2007 European Inquiry asks for three month extension
17 October 2006 Parliamentary Ombudsman Report Delayed
17 October 2006 Action Group meeting with PO team
16 October 2006 Equitable Inquiry MEPs to visit London
6 October 2006 Equitable Inquiry MEPs to visit Dublin
11 May 2006 Equitable Announces Transfer of Annuitants Book to Canada Life
2 May 2006 2.30pm - Select Committee on Public Administration discuss Parliamentary Ombudsman' Report on Occupational Pension failures.
24 February 2006 Parliamentary Ombudsman writes to MPs
19 January 2006 European Committee Confirmed
19 January 2006 European Parliament Probe into Equitable Life
19 December 2005 Serious Fraud Office not to Investigate Equitable Life
16 December 2005 European Parliament to Investigate Equitable Life disaster
2 December 2005 Equitable Completes Court Case
28 October 2005 Equitable Settles Case Against ex-MD Roy Ranson
19 October 2005 Equitable drops Claim Against Nash
17 October 2005 Equitable drops Lost Sale Claim
22 September 2005 Equitable settle legal claim with Ernst and Young click here for E&Y press release policyholder letter in Word
19 September 2005 Re-convening of E&Y and ex-directors' High Court hearing
13 September 2005 Petitions Committee of the European Parliament meet to discuss Equitable.
18 July 2005 Equitable Life abandons £1.3bn lost sale claim.
15 June 2005 Meeting of Action Groups with Parliamentary Ombudsman Team
27 May 2005 Meeting of EMAG with Parliamentary Ombudsman Team
11 April 2005 Commencement of E&Y court case and ex director case planned.
6 December 2004 EMAG drops Judicial Review against the Parliamentary Ombudsman
5-12 October 2004 Parliamentary Ombudsman Inquiry - initial meetings with Equitable action groups
22 September 2004 E&Y High Court hearing in front of Justice Langley. E&Y loses ruling on expert evidence.
2 August 2004 The Joint Disciplinary Scheme set to to accuse Ernst & Young of audit failure in its dealings with Equitable Life
22 July 2004 Parliamentary Ombudsman's jurisdiction to include GAD
19 July 2004 Parliamentary Ombudsman agrees to a full inquiry into the regulation of Equitable
1 June 2004 Chris Headdon banned from holding financial role for six years until 2010
19 May 2004 Equitable Life AGM
12 May 2004 EMAG meet with Treasury Minister Ruth Kelly MP
28 April 2004 Annuitants announce that they plan to sue Equitable
17 April 2004 FSA statement re Roy Ranson
31 March 2004 Equitable announce 2003 results
24 March 2004 Commons debate on Equitable (click for Hansard)
16 March 2004 TreasComm meeting with Lord Penrose and Ruth Kelly
16 March 2004 Equitable Sufferers Protest Meeting Norwich 11.00am The Assembly House
8 March 2004 Penrose Report published 3.30pm announcement by Ruth Kelly MP (Ruth Kelly's Statement)
13 February 2004 Pension Demonstration outside Royal Courts of Justice, the Strand, 12.00pm
7 February 2004 BBC Interview with Chris Headdon (.pdf)
23 January 2004 Treasury refer Penrose Report to the Serious Fraud Office
21 January 2004 Equitable hold Press Conference re Penrose
31 December 2003 Charles Thomson Interview with BBC 5 Live
23 December 2003 Penrose Report delivered to Treasury
2 December 2003 EDM 176 raised by Ian Gibson MP
27 November 2003 Parliamentary Ombudsman meets with Public Administration Committee
26 November 2003 Equitable Statement on Subordinated Unguaranteed Bonds
26 November 2003 Sir Philip Otton announces his retirement from Equitable Board
12 November 2003 Equitable Interim results issued (.pdf)
4 November 2003 Parliament Pension Summit 2pm Portcullis House - Insurance and Compensation
4 November 2003 Adjournment Debate on Equitable - morning Westminster Hall
17 October 2003 Judge Langley allows Equitable to go ahead with lawsuit against former directors
14 October 2003 Meeting of E7 Equitable Action Groups
22 September 2003 Nine former non-exec Equitable directors start legal challenge against the Equitable lawsuit
25 July 2003 The ruling in the strikeout action by Ernst & Young against the Society was handed down in the Courts of Justice in the Society's favour. Click for Equitable's press release
17 July 2003 FSA AGM at Canary Wharf (webcast of proceedings)
12 July 2003 - EMAG Seek to Challenge PO Report through Judicial Review
4 July 2003 - EDM set up by John Barrett MP
1 July 2003 Parliamentary Ombudsman Report is launched see press notice and Equitable's reaction
30 June 2003 - Letter from Parliamentary Ombudsman to MPs
17 June 2003 Letter from Lord Penrose to TreasComm becomes public domain.
11 June 2003 Equitable announce that they will challenge the FOS findings.
8 June 2003 Pensions protest march Please come along and give your support. Be at Tothill Street (St James' Park tube) for 11:30.
4 June 2003 Announcement that Penrose will be delayed unitl the Autumn
4 June 2003 (EDM) 1337 has been put forward by Dr Ian Gibson Lab (North Norwich). See below
28 May 2003 Equitable AGM Wembley Conference Centre.
21 May 2003 Equitable Meeting with EPHAG and ELM. Click for Minutes
19 May 2003 Commencement of appeal against Ernst & Young, Equitable's ex-auditors.
1 April 2003 Equitable crystallise 10% cut on final bonuses across all policies.
31 March 2003 Equitable preliminary Accounts ready. Click for Press Release See www.equitable.co.uk for the 2002 accounts.
31 March 2003 Final date for Equitable to file FSA returns.
27 March 2003 BBC2 21.50 The Death of Equitable Life
6 March 2003 Parliamentary Ombudsman before Select Committee on Public Admin
25 February 2003 Letter from Lord Penrose to the Treasury Select Committee
21 February 2003 Reply from the Parliamentary Ombudsman to EPHAG
10 February 2003 Judge reports in the Ernst & Young strike out request. Click here for Court Judgement summing up
1 February 2003 Pension Protest Day - "Stripped of our pension". Click for more info
31 January 2003 ELAS policyholder meeting at The Assembly House, Theatre Street, Norwich at 11.00am. ALL WELCOME. Click for details.
21 January 2003 Equitable situation discussed in the House of Lords. Click here for Hansard.
13 January 2003 Start of the Ernst & Young court case
17 December 2002 Meeting of EL policyholders in The Assembly House in Theatre Street, Central Norwich at 11 am. ALL WELCOME.
17 December 2002 Launch of government Green Paper into pensions.
27 November 2002 Dr Vincent Cable MP is holding an Adjournment Debate at Westminster Hall 9.30am-11.00am on Equitable, see Hansard. Click for EMAG report.
26 November 2002 ELM and with profit annuitants meet with Lord Penrose. Click for Minutes (.pdf)
31 October 2002 Lord Higgins, who is the Tory front bench spokesman on Work and Pensions matters in the Lords, has an oral question "To ask Her Majesty’s Government whether they will give an assurance that the report of the Penrose Committee on Equitable Life will be published.."
29 October 2002 Anniversary of Parliamentary Ombudsman agreeing to do a limited inquiry into Equitable Life. Seven action groups as E7, backed by MPs, the Consumers' Association and hopefully Equitable Life asked him to extend his inquiry to cover the full fiasco at 12.00pm outside Parliament. An anniversary cake was presented. Click for E7 press release also click for statement by Parliamentary Ombudsman
15 October 2002 Ernst & Young appear in the high court seeking a stay of the Joint Disciplinary Scheme's (JDS) investigation against the firm regarding its auditing of Equitable Life, but fail.
2 October 2002 Action Group meeting
30 September 2002 B&W Deloitte report is issued on the case for late joiners. Click for press release.
12 September 2002 Paul Braithwaite (EMAG) and Liz Kwantes (ELM) meet with the Consumers' Association regarding compensation for Equitable policyholders.
19 August 2002 Announcement that the Penrose Inquiry is delayed until 2003.
9 August 2002 Lawyers Class Law announce the "Standstill Agreement" whereby those International policyholders who exited the WP Fund prior to the compromise agreement and joined in the legal fund have succeeded in agreeing a process of compensation which MAY not involve the courts and heavy legal fees for both policyholders and ELAS. See International page.
25 July
2002 Halifax interim accounts
state "As a result of the compromise
scheme having become effective prior to 1
March 2002, in accordance with the terms
of the acquisition, HBOS is obliged to
pay up to a further £250m depending on
the extent to which certain new business
sales and profitability targets are
achieved in 2003 and 2004 by the
distribution channel acquired from The
Equitable. No provision has been made at
30 June 2002 for this contingent
consideration because it is not
currently expected that any payment will
be made".
18 July 2002 FSA Annual General Meeting.
11 July 2002 Alan Pickering (ex NAPF) Recomendations on Pension
Reform (.pdf format) issued into the public domain.
9 July 2002 Ron
Sandler Review on Retail Savings in the UK on behalf of
the government issued into the public domain. Also see Stephen Wynn's comments on
the Sandler Report.
1 July 2002 The financial adjustment for
early surrenders moves from 14 per cent to 20 per cent.
The maturity value for policyholders choosing to take
benefits will be reduced by 10 per cent, previously 4 per
cent, unless this takes the value below guaranteed value,
in which case the guaranteed value will be paid.
28 May 2002 Announcement of vote for directors. Of
the nine candidates, those voted onto the Board are Vanni
Treves, Charles Bellringer, Ron Bullen, Fred Shedden,
Peter Smith, Michael Pickard.
27 May 2002 Equitable
Life AGM QE Conference Centre. A write up can also be seen on
the EMAG
website. Some
answers to the questions that were not able to be
included at the AGM can also be seen on the Equitable web
site. Click
here.
8 May 2002 EMAG hold Press Conference on Blake II Report. Click here to see report.
1 May 2002 Equitable Life announce Accounts
for Year 2001. These can be seen on the website of Equitable Life Assurance Society
24 April 2002 Equitable announce they are to take legal action against 15 previous directors of Society. NEW - See claims for Chris Headdon and Alan Nash.
15 April 2002 Ernst & Young response to Equitable
15 April 2002 Equitable increases MVA to 14% from 10%. Click for Press release.
15 April 2002 Equitable Life announce three new Board Directors. Charles Bellringer the current FD, Ron Bullen Chairman of EPHAG and Fred Shedden, a Scottish lawyer.
11 April 2002 Equitable Life and Action Groups meet to discuss Government Compensation, Disadvantaged Groups, Administration at Aylesbury and Governance.
21 March 2002 Christopher Chope MP raises an EDM 1053 regarding Equitable Life, TreasComm and the Parliamentary Ombudsman.
21 March 2002 ELJAG Press release - GROUP ASKS EQUITABLE EX-REPS TO 'BLOW WHISTLE'
21
March 2002 Equitable
announces procedure on alleged misselling
21 March 2002 Roy Beggs to address Parliament re his EDM.
15 March 2002 Press Release issued by Roy Beggs MP re the Early Day Motion.
13 March 2002 Equitable ask for applications for up to two new non Exec Directors. See Press Release.
12 March 2002 Meeting of action groups regarding strategies post the Compromise and "the way forward". Click for Press Release
14 February 2002 Equitable given opportunity to appeal in Hughman case. See Press Release.
8 February 2002 Compromise scheme sanctioned in High Court See Press Release.
28 January 2002 Compromise scheme Results See Press Release.
Total GARs saying NO = 1078 total non GARs saying NO = 2,670
21 January 2002 Equitable give clarification of compromise vote See Press Release.
11 January 2002 Members' Meeting at Wembley Conference Centre. See Report of GAR Meeting, also Report of non GAR Meeting (.pdf) and Question by Paul Braithwaite.
9 January 2002 Postal votes to have been received by Equitable
19 December 2001 EMAG unveil the report produced by Professor David Blake of London University's Birkbeck College that analyses the Compromise Scheme. Report is available in pdf form
13 December 2001 Equitable send letter to with profits annuitants. Letter is available in pdf form.
12 December 2001 Equitable issue press release regarding the vote. Press Release is available in pdf form.
7 December 2001 FSA back Equitable's Compromise Proposal and state that it is fair. The FSA comments are available in pdf form.
6 December 2001 Equitable launch the Compromise Proposal which is due to start arriving with members from today. Equitable press release is available in pdf form.
5 December 2001 Meeting of ELJAG in London.
3 December 2001 Meeting between Equitable and Action Groups on with profit annuitants and the Compromise Proposal.
29 November 2001 - Equitable issue press release regarding the progress of Herbert Smith. www.equitable.co.uk (Choose Corporate/Press Releases/Herbert Smith Enquiry) See Press Release.
November 27 2001 The Financial Services Authority launch a new probe into Equitable Life following the discovery of a letter from Chris Heddon which the regulator says raises questions about statements the mutual life assurer has made about its financial strength.
27 November 2001 - Equitable welcomes High Court decision See Press Release.
26 November 2001 Mr Justice Lloyd ruled in the High Court that Equitable Life may send their Compromise Scheme to policyholders for voting See Press Release.
26 November 2001 A copy of a letter from Chris Headdon dated 1 April 1999 regarding re-insurance is to be investigated by the FSA. Click here for FSA report
16 November 2001The first meeting of the Late Joiners action group was held at the offices of Clarke Willmott & Clarke in Bristol. Click here for a write-up of the meeting.
13 November 2001 Treasury Select Committee public evidence session on Equitable Life, 10.30am. Chairman of the FSA Sir Howard Davies and staff of the FSA.
31 October 2001 Adjournment debate in the House of Commons (click here) about maladministration in the Civil Service with regard to Equitable Life.
30 October 2001 Treasury Select Committee public evidence session on Equitable Life (for write-up click here)
29 October 2001 The Parliamentary Ombudsman has decided to reverse his decision of a month ago and he WILL now set up an independent inquiry into maladministration by the FSA with reference to Equitable Life. This will be on a Statutory basis, so the findings will be binding. He is limiting the period of investigation to exactly the same period as Baird - i.e. the 23 months from Jan 1999 to Dec 8th 2000 fund closure. Click here for more information. Equitable welcomed this. See Press Release
18 October 2001 Scope of Protection to Guernsey Branch Policyholders under UK Legislation (issued by Norton Rose 11 October 2001)
17 October 2001 Parliamentary Debate on Equitable Life (click here for Transcript)
17 October 2001 FSA (Baird report) on the role of the regulators is made available by the Treasury. Click here for the report and Government response. The Press Release issued by the FSA is also available giving a summary of the report. Click here. Equitable Life has a press release. (Choose Corporate then Press releases).
16 October 2001
- Notice to Income Drawdown Group Members and Potential members.
- Report of the Meeting with the FSA on 10 October 2001
-
See transcript of AEEU resolution
at the Labour Party Conference
12 October 2001 Completion of Compromise Proposal Consultation Period. Click here to see EMAG/ELM Submission. and click here for EPHAG's Statement
10 October 2001 Action Groups gather in joint meeting with FSA's new chief John Tiner. The FSA confirmed that the Baird Report had been sent to the Treasury this week.
Sunday 30th September There will be an informal meeting in Cumbria with Jean Wood one of the new non executive Directors who will speak about the Compromise package and listen to members concerns.
6.45pm for 7.00pm start. It will be in the Conference Room at the Lakeside Hotel, Lakeside, near Newby Bridge. About one mile up the Hawkshead Road from Newby Bridge - on the right hand side. Masses of parking space. (Lakeside Hotel is not to be confused with the Swan Hotel or The Newby Bridge Hotel). If you would like to attend please contact John Dawson (Cumbria Group Co-ordinator) e-mail john@still-holm.com.
21 September 2001 Paul Braithwaite, Chairman of EMAG and Liz Kwantes representing Equitable Life Members Help Group had an informal meeting with Lord Penrose at the Treasury. Lord Penrose asked if policy holders and ex-policy holders, particularly those who joined in the 1950's, 1960's and 1970's, would be willing to supply documentation that they had received from Equitable Life. This is to be formalised by Lord Penrose in a letter stating his requirements.
20 September 2001 Compromise proposals announced. Average 17.5% uplift for GARs to give up the GAR and 2.5% uplift for non GARs to give up any mis-selling claims. The Equitable's website gives details of the Compromise Proposal and also legal opinion regarding pension's mis-selling claims by the non GARs. Telephone comments on 0870 1666626. Email comments to comments@equitable.co.uk.
18 September 2001 Action group meeting with EL Board of Directors on content of Compromise proposals and Warren II. See EMAG's Comments.
12 September 2001 MVA Raised to 10% Equitable's website gives the press release
Current MVA's (now re-named MVR) by Life Co
10 September 2001 The Scottish National Party's Westminster Spokesperson on Trade & Industry Mr Mike Weir MP met with Mr Paul Braithwaite, Chairman of the Equitable Members' Action Group (EMAG); and Ms Liz Kwantes, Chair of the Equitable Life Members' Help Group, in order to discuss how the campaign for justice for Equitable Life policyholders can be taken forward in the new session of the House of Commons. Click for Press Release
10 September 2001 The Scottish National Party's Westminster Spokesperson on Trade & Industry Mr Mike Weir MP met with Mr Paul Braithwaite, Chairman of the Equitable Members' Action Group (EMAG); and Ms Liz Kwantes, Chair of the Equitable Life Members' Help Group, in order to discuss how the campaign for justice for Equitable Life policyholders can be taken forward in the new session of the House of Commons. Click for Press Release
22 August 2001 Action Group Meeting with Equitable Board of Directors. Click for Press Release
16
August 2001 The Guernsey
Financial Services Commission has appointed the London Law Firm, Norton
Rose, to examine a number of concerns relating to the Guernsey branch
operation of Equitable Life Assurance Society; in particular Norton Rose
has been asked to consider the position of
international policyholders both in connection with the “ring-fencing”
issue and the potential application of the Policyholders Protection Act.
It is expected that it will take some weeks before their findings are
made available to the Commission but as soon as we have any information
we will publish it on our website.
6 August 2001: Letters delivered to Gordon Brown at Downing Street by VINCENT CABLE, the Liberal Democrat Trade and Industry spokesman and PAUL BRAITHWAITE, Chairman of EMAG, asking Chancellor Gordon Brown to explain why the Financial Services Authority has not issued a report on Equitable Life. Click here to see letter.
31 July 2001: Joint letter written to Gordon Brown from EMAG, EPHAG, ELM and Income Drawdown Group.
19 July 2001 - Equitable Action Groups meet together for the first time as a combined force
16 July 2001 - Press release stating that the final bonus for Pension Policies will be reduced by 16% (14%for Life Assurance Policies). The MVA will be reduced to 7.5%. Click here for full press release.
18 June 2001 - EMAG AGM. Paul Braithwaite voted in as new Chairman.
Gordon Brown announces investigation of the life assurance industry.
15 June 2001 - Meeting held between Equitable Life, their advisers and action groups regarding the compromise agreement.
25 May 2001 - Ernst & Young referred to the Joint Disciplinary Scheme over its role as auditor. Also Peter Davis an ex director (and ex head of OffLot) will also be investigated.
23 May 2001 - Vanni Treves and his 6 non exec directors were all voted onto the Board, plus MD Charles Thomson. Although the accounts were questioned and comments were made about payments to Alan Nash, the accounts were accepted and Pricewaterhouse Coopers were voted in as the new auditors. The Mori Poll was presented by Vanni Treves and some of the results are now available on the Equitable Life website.
14 May 2001 - WARREN REPORT IS OUT and can be seen on the Equitable Life website. He says that there is a case for unfairness in selling to non GARs and a number of breaches of regulations by ELAS. It seems that Warren will be retained for further investigations into the non GAR issue. There would be no possibility of overturning the House of Lords decision though. Warren also state that the non-UK policy holders were 'ring fenced' against the effect of the GAR. Warren will be retained by EL to look into this. He also states breaches of various Lautro regulations.
30 April - 2000 Accounts available on Equitable Board
26 April - There was a meeting on 26th April between action groups, Equitable Life and their advisers regarding the compromise agreement.
15
April It is announced that Equitable have appointed
Herbert Smith, a well respected firm of lawyers to investigate
the possibility of legal action against its former directors and advisers.
12 April -
Vanni Treves appoints 6 non-exec directors. Click
here for details. The six are former UK senior partner
of
PricewaterhouseCoopers, Peter Smith; former Lord Justice
of Appeal
Sir Philip Otton; pensions expert and trustee David Adams;
former chief executive of insurer
Royal London, Michael Pickard; former managing director
of
AMP Asset Management, Dr Andrew Threadgold, (let go by
AMP due to underperformance of the $55 billion AMP Asset Management fund);
and former chief executive of
Irish Life Jean Wood.
9 April 2001 - Jonathan Dawson resigns as a non-executive director of the Society.
29 March - Treasury Select Committee Report released criticising FSA, auditors and Equitable.
29 March - Peter Nowell appointed as new actuary for EL. He works for Woodrow and Bacon.
27 March - Announcement that Ernst and Young are resigning as auditors
16 March - MVA is put up to 15% from 5% for transferring out of Equitable Life
1 March - Vanni Treves takes up his position as Equitable Life Chairman. Chris Headdon, MD, transfers to the Halifax and his position is taken by Charles Thomson from Scottish Widows.
15 February Meeting of the Treasury Select Committee. Appendices of Meeting
14 February - Vanni Treves is announced as the new Chairman of Equitable. Mr Treves is chairman of Channel 4 and is a senior partner of Macfarlanes the solicitors.
5 February 2001 - Halifax agree to acquire The Equitable's operating assets, salesforce and non-profit and unit-linked business for a payment of up to £1 billion into the with-profits fund. Click here for PDF version of agreement.
4 February 2001 Halifax sign contract with Equitable to buy up the assets of the Society.
31 January - Halifax in talks to acquire Equitable's fund management business, the sales force and the adminstration. The bank said that it was not looking at any transaction which involves it taking an interest in the Equitable Life £26bn long-term fund.
29 January 2001 - A report in the Financial Times states that AMP has now also pulled out of talks with Equitable. AMP had stated that it was frustrated at Equitable's 'arrogant and unconstructive' attitude.
26 January 2001 - Aegon has lost interest in Equitable, leaving Amp as the only possible purchaser.
20 January 2001 - Rumours that Stuart Bayliss of Annuities Direct is being considered for the next President by headhunters Egon Zehnder.
19 January 2001 The Faculty
and Institute of Actuaries (FIA) has appointed past president Roger Corley
and two other actuaries to its five-person committee of inquiry into the
implications of the Equitable Life closure.
16 January - The Treasury Select Committee will "examine the
regulatory environment and the management of risk in the life assurance
sector following the Equitable Life affair". Evidence from Equitable
Life and the Financial Services Authority, which is conducting its own
inquiry into the Equitable Life disaster, will be heard by the Committee
on February 15. This is a public meeting and can
be attended by anyone.
15 January 2001 Mr Richard Ottaway (Croydon South): To ask Mr Chancellor of the Exchequer, pursuant to his Answer of 8th January, Official Report, column 462W, if he will make it his policy to provide compensation to Equitable Life policy holders who acted on the guidance issued by his Department.
January 11 2001 In an interview with the FT, Chris Headdon, the chief executive, said that the problems at Equitable were sad, but not a crisis or a disaster.
9 January 2001 The FSA are rumoured to be looking at offering a one off capped payment to the GAR policy holders. (See news paper articles Interesting Links)
6 January 2001, it is reported that the FSA are looking for a buyer for Equitable
There is a rumour in the news 5 January 2001, that the other Pension Funds are looking to help restore confidence in Equitable Life.
For those of you who listen to Radio 4, you will know there has been a vote for the 'goodie' and the 'baddie' of the year. Alan Nash, the MD of Equitable Life, who walked off with £200,000 and a pension of over £90,000 a year came THIRD in the list of Villains with 14.7% of the votes. (Chris Woodhead came no 1).
January 1 2001 The OFT says it would investigate a claim that Equitable may have broken the rules when it imposed hefty penalties on customers who cash in their policies early
20 December 2000 Equitable Life have announced that their President, John Sclater, and seven non executive directors will step down. It looks like this will not happen until the AGM in May 2001.
The government has announced that the FSA will now enquire into Equitable Life. The announcement was made after a debate held on 19 December 2000. Click here to see the Hansard Text.
December 19 2000 Government compensation to policyholders is ruled out although the FSA will conduct a review of its regulation of Equitable
December 8 2000 Prudential pulls out of talks and Equitable is forced to become a closed fund. MVA is set at 10%.
July 20 2000 House of Lords announce that Equitable acted illegally and must meet its obligations to its GAR policyholders, and the mutual puts itself up for sale.
January
22 2000
The Appeal Court rule against Equitable and its treatment of GAR
policyholders
September 9 1999
The High Court rule that Equitable is entitled to operate its differential terminal bonus policy.
July
6 1999
Equitable defend the bonus cut on annuities in the High Court arguing that
it is in line with industry principle.
January
15 1999
Equitable takes test case to High Court seeking approval on paying
different final bonuses to the Gars and non GARs.
1998 FSA took over from Treasury as regulators
9th
September 1998 a meeting was held with EL by E&Y to brief
the directors more fully on the issues arising from the situation in
relation to GARs. The maximum exposure was then said by Mr Headdon
to the directors to be £1.5 billion.
1998
Treasury took over from DTI as regulators
January
1994: Equitable announces plans to cut the size of the final
bonuses paid to its 90,000 GAR policyholders.
1991
Roy Ranson becomes Chief Executive of Equitable
1988 The launch of the Personal Private Pension. Equitable decide to keep the new type pensions in the same fund as the previous Retirement Annuities (GARs)
1981 Roy Ranson becomes appointed actuary of Equitable
1956:
Equitable begins selling guaranteed annuity rate policies (GARs) which
guarantee investors a minimum annuity rate when they retire, due to change
in government legislation.
1913: Equitable Life
starts selling pensions.
1762:
Equitable Life, the world's oldest mutual insurer, is founded.