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Sir John Chadwick issues an interim report on Equitable Life
Issued by the News
Distribution Service on behalf of the Office of Sir John Chadwick
Sir John Chadwick has today issued an interim report that sets out:
* The scope of the work that will be required following his Revised Terms of Reference, which were issued on 27 November;
* The case for adopting a 'flexible' approach to calculating policyholders' relative loss. Sir John considers that this approach is fairer, easier to calculate, and quicker to deliver than other potential approaches; and
* The list of questions that he will need to address in his final advice.
Those wishing to make representations on Sir John's approach or to answer the questions he feels he may need to answer should send written comments to him by 29 January 2010.
Sir John's latest interim report develops from his first interim report of August 2009. Sir John has received a number of representations on that first interim report, including from the Equitable Members Action Group, Equitable Life, the Government, and the Parliamentary Ombudsman. Key material between these parties and Sir John is published alongside his interim report.
Sir John will review all representations he receives while his team continue its further detailed analysis of the policyholder records. He intends to issue his next update in the new year.
Notes to editors
1. Sir John's interim report "Equitable Life ex-gratia payment scheme: Second Interim Report" is available from the HM Treasury website and that of the Office of Sir John Chadwick.
2. Sir John issued his earlier document "Equitable Life ex-gratia payment scheme: Interim Report" on 18 August 2009.
3. For information about the Office of Sir John Chadwick, please refer to its website at www.chadwick-office.org. This will allow access to all material produced by Sir John, as well as his ongoing reports of progress. Users can also sign up for automatic emails, updating them on any news or new material.
4. Representations and comment in response to this consultation document should be put in writing and sent by 29 January 2010 to:
The Office of Sir John Chadwick, One Essex Court, Temple, London,
Phone: For enquiries please contact the above department
Sir John Chadwick press office
Phone: 020 7270 5238