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:
* An approach for assessing relative loss, so that an ex
gratia payment scheme can be delivered fairly, quickly and placing
minimal burden on policyholders;
* The definitive questions he believes need to addressed; and
* The principles he proposes to adopt to determine the
appropriate proportion of losses to apportion to the public bodies.
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 Friday 2 October 2009.
Sir John's interim report develops proposals in his
document of June 2009. Sir John has received a number of
representations on those proposals, including from Equitable Life,
the Government, the Equitable Life Trapped Annuitants group and a
range of individual policyholders. Sir John has been in talks with
these interested parties and in contact with the Parliamentary
Ombudsman. Key material between these parties and Sir John is
published alongside his interim report.
Running concurrently with this work, Towers Perrin, the appointed
actuarial advisors to Sir John, are in the process of reviewing
and analysing the more than one and a half million policies that
have been provided by Equitable Life and which are relevant to Sir
John's work.
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 autumn.
NOTES TO EDITORS
1. Sir John's interim report
"Equitable Life ex-gratia payment scheme: 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, My proposals as to the approach to be
adopted and the issues to be addressed" on 16 June 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 Friday 2 October to:
The Office of Sir John Chadwick
One Essex
Court
Temple
London
EC4Y 9AR
Email: info@chadwick-office.org
5. Towers Perrin is a global professional services firm. The firm
provides actuarial and consulting to insurance and financial
services companies. For more information refer to its website at
www.towersperrin.com
Contacts:
NDS Enquiries
ndsenquiries@coi.gsi.gov.uk