EQUITABLE LIFE MEMBERS

PRESS RELEASE

22 August Meeting between Board and Action Groups

COMMUNIQUE FROM 22 AUGUST MEETING BETWEEN ACTION GROUPS AND EQUITABLE LIFE ASSURANCE SOCIETY BOARD

August 22 -- Today the Action Groups met for the first time with the full board of the Equitable Life Assurance Society (ELAS), including all seven non-executive board members.  The meeting was open and constructive, and the Action Groups were pleased to have had a frank exchange with all Board members. 

The Action Groups communicated their concerns on behalf of various groups of policyholders, including with-profits annuitants. 

In discussions around the underlying principles of fairness, clarity, mutuality and legality that will drive the draft compromise scheme, it was recognized that the scheme must address the subject of non-GAR needs in the light of Warren’s forthcoming opinion.

As there was agreement that commonality of purpose exists between the ELAS Board and the Action Groups, it was agreed that another meeting will take place in the next two-to-three weeks.  This meeting will consider details of the draft compromise scheme and its communication to policyholders.  The scheme is due for publication to policyholders in mid-September.

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NOTE TO EDITORS:  

Meeting participants: 

Representing Action Groups

• Ron Bullen, Equitable Policy Holders Action Group (EPHAG)

• Paul Braithwaite, Equitable Members Action Group (EMAG)

• Liz Kwantes, Equitable Life Members Help Group (ELMHG)

• Brian Philpott, Annuity Direct

 The Equitable Life Assurance Board Members

• Vanni Treves, Chairman

• Charles Thomson, Chief Executive

• David H. Adams

• Sir Philip Otton

• Michael John Pickard

• Peter A. Smith

• Andrew Threadgold

• Jean Wood