Secret summit on Equitable's future

DIRECTORS of Equitable Life will meet this month to discuss the results of a radical internal review - codenamed Project N - into the mutual's future.

The outcome could lead to its sale or an overhaul of the £10bn with-profits business.

But first Equitable Life faces a High Court battle with its former auditor, Ernst & Young. It is suing Ernst for £2bn, alleging that the accountant failed to spot the mutual's looming financial meltdown.

Last week, chairman Vanni Treves reported results for 2004 that showed Equitable's financial position had stabilised.

'Now, with less worry swirling around, the time is right for forward thinking,' he told Financial Mail.