EQUITABLE LIFE policyholders have had their legal position outlined by the Guernsey Financial Services Commission. The company is to be reinvestigated by the parliamentary ombudsman, it was revealed last month, and the GFSC has now published a 10-page report on the position of local branch policyholders.

They have already been given the go-ahead to make a formal complaint to the UK ombudsman.

From 1990, Equitable Life operated through a branch in Guernsey managed by Bacon & Woodrow, which dealt with local and international business.

In August 2002, the commission confirmed that it had received several enquiries from local investors – they have been waiting to find out how the Financial Ombudsman Service would accept complaints from them.

No new inquiries have been made in the last 12 months.

The GFSC is urging local branch policyholders who believe they have a guaranteed annuity rights complaint to contact the FOS.

But they will have to deal with the ombudsman directly as the regulator will not represent them.

‘Our interests are those of the regulator of Equitable’s Guernsey branch business and we must consider issues to the extent that they are relevant to Guernsey branch policyholders as a whole,’

said a statement.

‘The commission is not, however, and has never been, responsible for the prudential regulation of Equitable, which is the role of the UK Financial Services Authority.’

The statement added that the regulator would continue liaising with other organisations and would report on any developments.