From The BBC:
The government should not “evade reality” over regulatory failures in the near-collapse of Equitable Life, the High Court has heard.The Equitable Members Action Group wants a judicial review over the decision not to follow recommendations to offer full compensation to victims. The group is representing 21,000 people who lost savings after the firm’s near-collapse in 2000. The case was brought quickly owing to the advancing age of those affected. MPs also debated the case in the House of Commons on Tuesday. CompensationEquitable Life, one of the UK’s largest private pension providers, came close to collapse nine years ago after being ordered by the High Court to fulfil financial promises that it could not afford.
The subsequent saga saw more than a million policyholders suffer large cuts to the value of either their prospective or current pensions as the society struggled to stay solvent. The Parliamentary Ombudsman, Ann Abraham, investigated the events leading up to the society’s trou…
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