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Sir John Chadwick sets out his proposed approach on Equitable Life
Issued by the News Distribution Service on behalf of Sir John Chadwick
Sir John Chadwick has today issued a document 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. 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.
In addition, Sir John has established a website, through which interested parties can keep informed of his work as it progresses and make representations to his Office.
Notes to editors
1. Sir John’s report “Equitable Life ex-gratia payment scheme, My proposals as to the approach to be adopted and the issues to be addressed” is available from the HM Treasury website and that of the Office of Sir John Chadwick.
2. For information about the Office of Sir John Chadwick, please refer to its website at www.chadwick-office.org. This will allow 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.
3. Representations and comment in response to this consultation document should be put in writing and sent by 17 July to: The Office of Sir John Chadwick,One Essex Court,Temple,London,EC4Y 9AR Email: info@chadwick-office.org
4. Towers Perrin is a global professional services firm. The firm provides global actuarial and consulting to insurance and financial services companies. For more information refer to its website at www.towersperrin.com
5. Media enquiries should be addressed to the Treasury Press Office
