EQUITABLE LIFE MEMBERS

GAR Related Claims

Last Updated: Monday, October 27, 2003 10:26 AM

Letters have been sent to policyholders and ex-policyholders offering a compensation amount. Some people have already claimed against Equitable via the FOS and others have not, although those will have complained through the lawyers Class Law or Irwin Mitchell. During October 2003 letters have also been sent by the FOS (for legal reasons) to those who joined Equitable between 1993 and 1998 offering 2.5% of your fund.  People falling into this category will have removed their policy from Equitable before the Compromise Agreement in February 2002. 

 

For those who have already made a complaint, the letter offers compensation normally (normally of between 2.5% and 5%) that states that you can accept this amount. You can also reject it and continue with your claim through law or the FOS.

 

If you accept the offer you will then be agreeing to give up any compensation claims on that policy, this includes claims for fraud. You do NOT have to accept the offer and can continue with your claim.

  • If you took your policy out after September 1998 and closed it before the Compromise in February 2002 you may like to contact ELJAG the Late Joiners Group www.eljag.org.uk. 

  • You can take professional advice from a solicitor.

  • You can refer the case to the Financial Ombudsman Service if you have not already done so. A booklet on how to do this should have been included with your letter.  Also click here for some information on this website

  • You can claim under Small Claims in the County Court if your claim is less than £5,000.

  • If you feel a bird in the hand is worth two in the bush, although you could get more at a later date you may wish to just accept the offer.

If you fall into the 'Late Joiners' category of joining after September 1998 and leaving before the Compromise in 2002, the Late Joiners Group ELJAG (www.eljag.org.uk) are stating:

 

 

Don't sign anything until you've talked to ELJAG or consulted a lawyer.

The Equitable scheme is an attempt to buy you off with an offer of less than a fifth of what you have really lost.

If you accept it you are signing away your legal rights to claim for fraud or negligence for ever!

We are demanding ALL our capital back plus interest.

 

Late Joiners - For those who have not made a complaint your letter will ask you to prove that you were mis-sold and the appropriate forms will be attached.  

 

Equitable will then come back to you stating whether they agree with your complaint or not. See Complaints to the Ombudsman on this site for more information.  If they do not, this does NOT preclude you from going to the Ombudsman, to court or continuing with the claim.

 

If you took your policy out after September 1998 and closed it before the Compromise in February 2002 you should contact ELJAG the Late Joiners Group www.eljag.org.uk. 

 

N.B. You do not have to fill the form in, you can take legal advice or claim under small claims through the County Courts if your loss is less than £5,000.

 

If you feel you cannot get the form filled in by the date stated:

 

1. Write to Equitable stating this, but that this will take longer to prepare. Ask Equitable for an acknowledgement of your letter. Include your name, address and policy information. 

 

2. Make a copy of the letter for your files.

 

3. Send the letter registered to Equitable at the address stated.

 

4. If you do not have an acknowledgement within ten days of sending the letter contact Equitable requesting one.

 

 

It is recommended that you take individual professional advice, if in any doubt.