Sir John Chadwick has been appointed by HM Treasury to advise on matters arising from the Government’s response to the Parliamentary Ombudsman’s investigation into the Equitable Life Assurance Society (Equitable Life).
On 18 August 2009, Sir John issued an interim report following a number of representations made by interested parties (including Equitable Life and a number of policyholders) to his proposals on the Equitable Life ex-gratia payment scheme in a report published in June. The August interim report develops the proposals from the June report and considers the following:
- A potential revised “flexible approach” for assessing relative loss to ensure that any ex-gratia payment can be delivered fairly with the minimal burden on policyholders.
- The definitive questions which Sir John believes need to be addressed.
- The principles Sir John proposes to adopt to determine any appropriate proportion of losses to apportion to public bodies.
Comments are invited on the interim report and should reach Sir John Chadwick by 2 October 2009. A further update on these issues will be delivered in the autumn.
For further information: Equitable Life ex-gratia payment scheme - interim report