Alarm growing over Equitable Life
12 April 2012
TROUBLED insurance giant Equitable Life may be insolvent. The crisis threatens the pensions and savings of some 400,000 customers, who have already seen returns slashed.
The company has said its solvency margins were thin and revealed that it used a legal accountancy ploy to keep its investment funds going. Experts believe this could be evidence of a business on the brink of collapse.
Equitable has lurched from crisis to crisis since losing a High Court battle over its failure to honour a guarantee of high bonuses to some 90,000 customers.
