EMAG

The independent action group for current and ex Equitable Life policyholders, funded by contributions.

Equitable Members Action Group

Equitable Members Action Group Limited, a company limited by guarantee, number 5471535 registered in the UK

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Correspondence: 23/08/2001 - from Peter Neville, Director General, Guernsey Financial Services Commission

23 August 2001 - Peter Neville, Director General, Guernsey Financial Services Commission

Dear Ms Felgate

THE EQUITABLE LIFE ASSURANCE SOCIETY

Thank you for your e-mail of 18 August and for your confirmation that you are seeking to work closely and amicably with the Commission. I believe it is in the interests of the Guernsey branch policyholders for us to co-operate with you as we seek advice from Norton Rose.

The Commission has, on its own behalf, instructed Norton Rose to consider a number of issues arising from the operation of the Guernsey branch of the Equitable. We wish to give you comfort that the brief has included many of the issues that you have raised including:
  1. whether ring-fencing the assets of the holders of policies issued in Guernsey may be possible, as alluded to in the Warren opinion;
  2. the application and scope of the UK Policyholders Protection Act with regard to these policies; and
  3. whether the Guernsey policyholders would constitute a class for the purposes of a Section 425 Scheme of Arrangement.
We will of course make all relevant information available to Norton Rose, for example, we have provided to them your email of 18th August, and would be pleased if you would forward to us any information which you believe will assist them in their deliberations.

I would be grateful if you could forward to us information on the different treatment of the Republic of Ireland, German and Dubai with-profits policies, and any evidence that ELAS did not take the required steps in respect of the promotion and selling of policies into the EU from Guernsey.

We will ensure that policyholders are properly informed once Norton Rose's opinion is available. Thank you for your confirmation that we may contact you for further information and assistance.

Yours sincerely

Peter Neville

Director General

Guernsey Financial Services Commission