Clear victory for the industry
Equitable life claimed against Ernst & Young, arguing that it had failed to take account of the uncertainties surrounding the guaranteed annuity rates and the Hyman litigation.
The High Court decision in Equitable Life v Ernst & Young should bewelcomed by underwriters and brokers alike, confirming once again the
court's willingness to restrict the scope of a professional's duties.
Until June 1998, Equitable Life issued with profits policies that
guaranteed annuity rates. This scheme worked well until 1993 when, for the
first time, the guaranteed annuity rate exceeded the prevailing annuity
rate in the market.
The firm tried to address the problem by adopting a
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