Abbey Life Assurance
Hill Samuel Life Assurance
Target Life Assurance
Scottish Equitable PLC
Royal Scottish Assurance
BlackRock Life Limited
Equitable Life Assurance Society
Fidelity Worldwide Investment
London & Manchester
Equity & Law
Guardian Financial Services
HSBC Life (UK) Limited
Legal & General
The Phoenix Group
Phoenix Life Limited
Phoenix Life Assurance Limited
National Provident Life Limited
Prudential Assurance Company Limited
Criterion Life Assurance
University Life Assurance Society
Royal London Group
Royal London Plus
Royal London (CIS) Limited
Halifax Financial Services
Clerical Medical Investment Group
Sun Life Financial of Canada
Sun Life Assurance Company of Canada (UK) Limited
Wesleyan Assurance Society
Extensive as this list appears, there are a number of brands (I have sold) that do not appear here, where is Irish Life, Royal Assurance, Sun Alliance and General Portfolio for instance?
Did they choose not to participate or are they simply hiding behind one of the legacy behemoths -Phoenix, Re-assure and Admin Re.
I think these brands matter, they were integral to the reasons why people brought these products. The majority of these brands promised more than they delivered and the issues involved are issues of trust and breach of promise.
You can read the ABI progress report on the legacy of failure here. It is for the most part a hall of shame.
For the millions of policyholders stuck with life companies languishing in obscurity, the review cannot come quick enough.
It is promised to deliver its findings by December 2014 but don’t hold your breath, the 51 pages of blurb we have here, suggest that this is something the ABI hope to talk out.
Nowhere in the review do we get any sense of engagement with outside stakeholders (the people who sold and bought these policies), instead we have a turgid recitation of the complexities of the task ( a sure precursor of a fudged conclusion over the horizon.
Share Action are right on this; the ABI are doing their best to string out this review hoping that the damning verdict of the OFT will be forgotten.
The ABI will be responsible for cracking the whip to providers whose schemes are considered. This progress report suggests the rubbish will be swept under the carpet
The ABI had promised us proper disclosure of transaction costs by June this year– where is the report- what has been done in the 14 months since that promise was made.
The OFT stopped short of referring this matter last summer, in the light what’s happened since, perhaps it should revisit that decision.
A year’s work culminating in an incomplete list of participating insurers gives little hope