Jessica cracks the night safe impasse Telegraph.co.uk
29.06.09
You own a small business and regularly make payments into the bank in the
same way.
Then four consecutive payments, each placed in a wallet and which you
checked dropped into the night safe securely, were lost to you for a time.
On investigation, the bank found that a faulty counter machine misread your
account number in respect of the last three deposits.
The machine was replaced and no further problems experienced. You were
credited with those missing funds. However, Barclays refused to refund the
remaining £3,941, which represented the first payment, even though it has
always said it does not doubt your word.
Each morning these night safes are opened and dealt with by two members of
staff under dual control. Part of the procedure is to ensure the safe and
chute leading from the external door are empty. The employees, whom the bank
describes as exemplary, are sure proper procedures were followed. A thorough
and exhaustive inquiry has revealed, I am assured, nothing untoward.
Source:
Equitable Life policyholders begin High Court case
A High Court case brought by Equitable Life policyholders begins today.
The Equitable Members Action Group represents around 21,000 policyholders who lost up to 50% of the value of their pension funds when Equitable Life came close to collapse in 2001.
The group is demanding a judicial review of the Government’s decision not to implement in full recommendations made by Parliamentary Ombudsman, Ann Abraham.
In July of 2008, Ms Abraham published a report on the demise of Equitable, which from the 1950s had sold policies that guaranteed a minimum annuity rate to investors.
The strategy left the UK’s oldest mutual unable to honour its promises and the Ombudsman’s review accused regulators of comprehensive failure and the Government of maladministration.
Ms Abraham therefore recommended the establishment of a scheme that would consider individual claims for compensation.
However, in January, the Government announced that only Equitable Life policyholders who qualified as having been “disproportionately affected” by the near collapse of the insurer would receive compensation.
The action group described the scheme as totally inadequate, arguing that it could take years to implement and might only assist 10% of those who lost money.
The High Court case, which should last around three days, hinges on whether judges consider that the Treasury has acted in a legal and rational manner.
Source: Insurance Daily
