EMAG DROPS JUDICIAL REVIEW AGAINST the PO.

EMAG (Equitable Members' Action Group) is pleased to announce that it has dropped its judicial review proceedings of the PO's first report into the Equitable Life (30 June, 2003).

EMAG brought its claim in September 2003. Since then, Ann Abraham, the PO, has met almost all the concerns which caused EMAG to resort to litigation:

• the PO has now decided to hold a further investigation into the prudential regulation of the Equitable Life, to include the Government Actuary's Department (GAD);
• unlike her previous study, which covered a very limited period, the new investigation will cover the relevant period of more than a decade up to December 2001. It will also include the period which was the subject of the PO's previous investigation;
• the PO has confirmed that she will approach the new investigation with an open mind, even where it relates to ground already covered by her previous report.

The PO's assurance that she will consider all representations with an open mind, together with the wider brief and the much extended time frame, should ensure that the new investigation, being conducted by a totally new team, will command wide confidence.

Colin Slater, chairman of EMAG said:

"We believe both parties' resources are better applied to the new investigation, which would never have happened without EMAG's persistence. Iain Ogilvie, who is leading the PO's new team, asked for and is receiving EMAG's very active participation. We approach the new Investigation with goodwill and a determination that this time the study will be as professional as is possible, for policyholders' sake."

Further information:

Paul Braithwaite, general secretary of EMAG