Equitable vote a blow for rebels

REBEL Equitable Life policyholders look to have lost a bid for £2m funding from the society to take their compensation fight to Europe.

It is understood that a special resolution lodged by the Equitable Members Action Group at the society's annual general meeting today, has been overwhelmingly defeated.

Some 80% of the vote is thought to have gone against the action group, which was battling fierce opposition from the board and a low turnout by voting members.

EMAG wanted the cash to sue the Government in Europe for the regulatory failings that contributed to Equitable's downfall in the late 1990s.

Equitable chairman Vanni Treves today reiterated that the best route for redress, following the publication of Lord Penrose's probe in March, was to push Parliamentary Ombudsman Ann Abraham to reopen her own investigation.

Treves and chief executive Charles Thomson plan to put their case to Abraham in person next week. They have already written to MPs.

Treves said: 'The moral case for an investigation is compelling. Penrose has provided Ann Abraham with the necessary ammunition and she must now fire the starting gun for a new inquiry.'