Equitable Life Assurance Society Update - October 2010
12th October 2010The Independent Commission on Equitable Life Payments (“ICELP”)
The ICELP has been set up by the Government to recommend how best to fairly allocate funds provided for the Equitable Life Payments Scheme as part of the Autumn 2010 Spending Review to those persons found to have suffered relative losses as a result of accepted Government maladministration and advise on any groups or classes of persons that should be paid as a priority. It has been asked to provide its final advice to the Government by the end of January 2011.
The Guernsey Financial Services Commission has written to Brian Pomeroy CBE, the Chairman of the ICELP, to ensure that he is aware of the position of the Guernsey Branch policyholders and requesting confirmation that they would be treated in exactly the same manner as UK resident policyholders and Equitable Life policyholders resident in other jurisdictions in the allocation of the available funds.
Brian Pomeroy has responded confirming that his Commissioners are aware that there were a number of overseas policyholders and that he was mindful of the issue, but could not at this stage pre-empt the advice to Government.
Information on the ICELP is available at http://equitablelifepayments.independent.gov.uk.