In Reply to: Re: Ombudsman's enquiry into FSA re Equitable Life posted by Bob Maddock on 02 July 2003 at 09:41:47:
: I was aware of Equitable's policy in this regard - one reason why I have used them in the past for investment quite separate from the IBM pension scheme. But I agree not all customers would have done.:
Bob - were you really aware that "because of their policy of not holding back SUBSTANTIAL free reserves" excessive bonuses were given, and what the repercussions of this policy might be? I think most people thought the better bonuses from EL came about because they were a "mutual, gave no commission, and were better fund managers - not that they held lower reserves.
I honestly believe that you might be in a minority as most people that EL were cautious and prudent.
GG