Sir John Chadwick sets out his proposed approach on Equitable Life

16th June

Sir John Chadwick has today issued a document “Equitable Life ex-gratia payment scheme, My proposals as to the approach to be adopted and the issues to be addressed” that sets out:

• his understanding of the Ombudsman’s Findings of injustice that the Government has accepted;
• the approach he intends to adopt over the course of his work – specifically to enable him to reach a view about the relative losses suffered by different classes of policyholder; and
• the specific issues he thinks need to be addressed to enable him to provide advice to the Government in relation to the Equitable Life ex-gratia payment scheme.

The document is intended to give interested parties an opportunity to comment on Sir John’s proposed approach. Those wishing to do so should send written comments to the Office of Sir John Chadwick by 17 July 2009 (for details of how to make such representations refer to the Contact us page). In light of any such representations and his further work, he expects to make an interim report to Government later this summer. This will contain a definitive statement of his approach for determining relative losses and a definitive list of the specific issues he will address.

Sir John has also today formally appointed Towers Perrin as actuarial advisers, to ensure he has the expert technical support which he needs. Towers Perrin is a global professional services firm. The firm provides actuarial and consulting to insurance and financial services companies.

In addition, Sir John has established this website, through which interested parties can keep informed of his work as it progresses and make representations to his Office. This site allows 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, via the Contact us page.

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