Pressure group forces Equitable vote

EQUITABLE Life will put to the vote at its annual meeting a proposal from pressure group EMAG for the troubled insurer to provide £2m for it to campaign for compensation against the Government.

Chairman Vanni Treves advised members to vote against the resolution. 'The proposal flies in the face of top legal advice,' he said. Treves said the proposals could have been thrown out, but he wanted members to have their say.

Equitable confirmed it would not pursue legal claims against regulators after receiving advice from its lawyers that it had no realistic claims.

It is sending out copies of the legal opinion with its report, accounts and details of its annual meeting on 19 May.