SAGA COMMENTS ON EQUITABLE LIFE RALLY

Wednesday 24 October 2012

Dr Ros Altmann, Director-General of Saga, comments on today's Equitable Life rally:

SAGA COMMENTS ON EQUITABLE LIFE RALLY

"The injustice for Equitable Life customers unfortunately continues as today's rally marks the fight for 10,000 people left out of the compensation scheme due to the date they bought their annuity - despite still losing out on the value of the retirement income.

"The case of Equitable Life demonstrates the importance for Ministers and regulators to pay more attention to the needs of those buying financial products, instead of those selling them. This means more intelligent understanding of how unsophisticated investors think and more in-depth questioning of financial providers' business models.

"This is the start of another chapter in the fight for compensation for Equitable Life policy holders, rather than a conclusion. Sadly, the ongoing failure to finally resolve such pension scandals continues to undermine confidence in pensions at a time when we urgently need to encourage more people to save for retirement."

ENDS

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