Equitable Life Refuses To Release Vital Figures
2.45.00pm GMT Wed 24th Mar 2004
Dr Vincent Cable MP, Liberal Democrat Shadow Chancellor, has today discovered that crucial data he had requested in a Parliamentary question asking how much Equitable Life policy holders have lost (over and above losses made by policy holders of other firms) are being withheld on the grounds of commercial confidentiality.
Commenting Dr Cable said: "I have been reassured by the government that they want to release these figures. However I understand that Equitable Life is withholding them."
"It is important for policy holders to know the true effects of the mismanagement of Equitable and failures of regulation, so that they can put their case for compensation."
"While I understand the immense complexities in making comparisons between different policies in different companies this is required if the members of Equitable Life are to make a collective claim for compensation."
"Equitable Life cannot claim these figures cannot be released on the basis of complexity when it was all too happy to do so during its boom years."
"If the company refuses to release these figures it does really lead one to assume that they are in such a poor state that it will reflect even worse on the management regime then is already the case. What do they have to hide?"
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