# Three Bad days for the Financial Regulator



## F. Kruger (19 Jun 2007)

Irish Independent   19/06/2007

THE final report into Equitable Life conducted by the European Parliament is expected to call on the British government to compensate policyholders in Ireland for losses incurred. 
The report, which is to be presented to the Euro Parliament today, is sharply critical of the Irish and German regulators for "an unjustifiably passive approach on Equitable Life". 


Irish Independent 18/06/2007

The Financial Regulator has come in for strong criticsm over “slowness and excessive caution” in a report from a consultative committee set up to monitor its performance.


Also, in the Sunday Independent Business supplement 17/06/2007 (can’t find link) there was more criticism from another body regarding the Regulators costs and the lack of transparency of those costs. I think, that when asked about the costs their only reply was that ‘the budget was approved by the Department of Finance’.


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## z108 (19 Jun 2007)

I have a tiny equitable life policy which I took out speculatively  about 9 months before the proverbial hit the fan. I paid 3 contributions and its worth about 600 euro. I havent been bothered even to cash it in yet and its kind of nagging me that Ill do it next march when I get guaranteed terms for encashment.

One point though however is I got a letter from the managers of Equitable signed and posted telling me that in a worst case scenario the Irish fund was ring fenced and could never be affected by the outcome of the judgement or any judgement in court (which turned out to be a big lie). They did this to convince me to open a policy. I regret that I havent pursued this at all.
They truly were lying even to themselves within that organisation and living in cloud cuckoo land. Until I got that letter I did not see myself to taking out the policy.

I really ought to send it into the regulator for a look.  I can possibly scan and upload it to this forum for the inspection of everyone.


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## ClubMan (19 Jun 2007)

Is it definitely a _With Profits _investment? An bond or a pension? When does it mature and thereafter when can you avail of all relevant bonuses? 

I currently have a complaint in with the _FSO _about how _EL _have dealt with certain specific queries from myself and more generally with how they have failed to keep _Irish _policyholders adequately informed (e.g. they omit all details about _Irish WP _funds and bonuses in their annual reports and on their website and the _Irish WP MVA _information there is incorrect). Once this complaint has been processed and regardless of the outcome I will be transferring the small _WP _and unit linked pension that I have with them to another provider.


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## z108 (19 Jun 2007)

Yes its' definitely a *with profits* investment.  It was quarterly at the minimum of 150 pounds every 3 months. I paid 3 instalments then when the prospect of a windfall turned sour I stopped it and made it paid up.

I went into earlsfort terrace lured by the prospect of a windfall but tried to hedge my bets at the time and  the saleslady offered me this letter which is quite explicit in its mention of the separateness of the Irish fund using words like 'ring fenced' for example. I still have it, can scan and upload it here or can email it to you ClubMan.

I have this guarantee on paper that the with profit fund would not be affected by any and all outcomes in court. Also enclosed is a newspaper photocopy of  Eddie Hobbs in the Examiner newspaper endorsing an investment in equitable for small ordinary savers which he may find embarassing 

Its' my own inertia and uncertainty about what would happen regarding equitable which is the cause of my not having done anything about this. My with profits' policy is on guaranteeed terms 5 years after its start date and on one day a year afterwards. I can cash it in on guaranteed terms this coming March and failed to take advantage of the oportunity to do it previously last year and the year before.
I emailed the Insurance ombudsman with all the information in electronic form about 3 years ago but they emailed me back asking me to write a physical letter. I got annoyed that the email wasnt enough for them and I just let it slide


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