UK report calls for Equitable compensation (The Irish Times)
Ireland's 6,500 Equitable Life policyholders have moved a step closer to receiving compensation for the loss of their funds following the publication of the UK parliamentary ombudsman's report into the life assurer's 2000 collapse.
In the report published today, ombudsman Ann Abraham calls on the UK government to apologise to Equitable Life policyholders and to compensate a million and a half policyholders who lost money, including 6,500 in Ireland. The report does not put a figure on the bill, but it has been estimated at about £4 billion (€5 billion).
Ms Abraham recommends the government fund a compensation scheme and assess the cases of those who have been affected. The aim of this scheme would be to reimburse fully those who suffered a relative loss. It would cover all who suffered, not just UK residents.