Sir John Chadwick issues Second Interim Report
16th December
Sir John Chadwick has today issued a Second Interim Report that sets out:
- The scope of the work that will be required following his Revised Terms of Reference, which were issued on 27 November;
- The case for adopting a 'flexible' approach to calculating policyholders' relative loss. Sir John considers that this approach is fairer, easier to calculate, and quicker to deliver than other potential approaches; and
- The list of questions that he will need to address in his final advice.
Those wishing to make representations on Sir John's approach or to answer the questions he feels he may need to answer should send written comments to him by 29 January 2010.
Sir John's latest interim report develops from his First Interim Report of August 2009. Sir John has received a number of representations on that First Interim Report, including from the Equitable Members Action Group, Equitable Life, the Government, and the Parliamentary Ombudsman. Key material between these parties and Sir John is published alongside his Second Interim Report and can be viewed online.
Sir John will review all representations he receives while his team continue its further detailed analysis of the policyholder records. He intends to issue his next update in the new year. Sir John expects to submit his final report in Spring 2010. The Government is committed to establishing a payment scheme that is fair to both policyholders and taxpayers as quickly as possible and will announce details of a payment scheme to follow, also in Spring 2010.