Re: Equitable Life closes to new business

Posted by Ian A Lawson on 11 December 2000 at 15:47:11:

In Reply to: Re: Equitable Life closes to new business posted by A C Planner on 08 December 2000 at 20:01:35:

:I think that there is an undoubted obligation on IBM to compensate AVC members for the current shambles they've got us into. Reasons are
1. The IBM appointed trustees did little or nothing to prevent the current situation.
2. There's no warning with regard to risk re the AVC. Most people assumed that this was a IBM backed scheme and was totally secure.
3. IBM continually recommended that employees joined this scheme (as it was only fairly recently that Friends Provident became a second choice it can be argued that IBM was providing financial advice.