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Equitable Life settlement plan flawed, says ombudsman

By BFN News | 04:19 PM | Monday 26 July, 2010


The parliamentary ombudsman has rejected the Equitable Life settlement plan put forward by Sir John Chadwick's review. Ann Abraham says the Chadwick proposals "seem to me to be an unsafe and unsound basis on which to proceed". Her letter sent to all MPs continues: "It seems to me that those proposals, if acted upon, would not in any sense enable fair and transparent compensation to be delivered." She says the Chadwick report "misinterprets central parts of the conclusions outlined in my July 2008 report and has ignored others. "I find these flaws particularly concerning, providing as they do the basis for some of the central and more controversial proposals within the Chadwick report." Her letter concludes: "It is not for me to become engaged with future discussions surrounding the policy now to be adopted. However, as ever, I remain ready to assist Parliament in its deliberations on these matters." Story provided by StockMarketWire.com

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