Linlithgow Journal & Gazette
Friday 20 July 2012

As thousands of victims of the Equitable Life scandal continue to wait for compensation, local financial expert, Alan Steel still can't believe that nobody else saw this coming, after he predicted the demise 20 years ago.

The pension scheme collapsed in 2000, leaving many policy holders out of pocket in the process. The government has since released £1.5billion in an attempt to repay some compensation to victims.

Since the payments started in June 2011, 288,823 policy holders have received payment, however group policy holders have been left wondering when they will receive any payment, and MP's have recently been updated on progress of payments.

Linlithgow MP Michael Connarty said that he was surprised court proceeding were not initiated against Equitable Life directors.

"This company has been driven by greed" Linlithgow financial expert, Alan Steel said.

"They made a big deal about never working with third parties, and made a lot of friends in various media outlets when they were starting out, this helped them convince people that they were the right choice."

Mr Steel said: "People who own a car can drive it, but would have no idea how to fix it, should something go wrong. It was the same for the clients of equitable Life, they were all drivers. When I got to look under the bonnet, I didn't like what I saw."

Quote courtesy of the Linlithgow Journal & Gazette
Friday 20 July 2012