Dispute over annuity rates hits Equitable

Article Abstract:

Legal action may be launched against Equitable Life over its stance on annuity assurances amid complaints by savers concerning policies which contained a guaranteed minimum annuity rate. Certain pension savers are threatening to take the UK-based life insurance firm to court, claiming that its policies are not safeguarding savers' incomes by guaranteeing a minimum rate. However, Equitable Life has informed savers that there are unable to obtain an assured rate for their overall pension saving, noting that a large proportion of the fund would have to be given up for a guaranteed rate to be gleaned.

Comment:

Legal action may be launched against company over its stance on annuity assurances amid complaints by savers

Direct Life Insurance Carriers, Annuity Insurance, Equitable Life Assurance Society, Annuities

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Lloyd's broker pays out compensation

Article Abstract:

UK insurance broker Lambert Fenchurch faces paying several clients compensation stemming from the way commission payments were dealt with by Fenchurch's US marine unit prior to it integrating with Lowndes Lambert. Lambert Fenchurch may also be fined should Lloyd's of London regulators discover that market rules had been violated by the business. Lambert revealed the problem after it acquired Fenchurch in 1997 and immediately compensated clients who were impacted.

Comment:

Will pay several clients compensation stemming from the way commission payments were dealt w/ by its US marine unit

Insurance Agencies and Brokerages, Insurance Agents & Brokers, Insurance industry, Lambert Fenchurch

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