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UK's Equitable Life plans to compensate policyholders

Equitable Life Assurance Society is set to disclose plans for compensating thousands of policyholders who lost out because of the firm's past mistakes, The Sunday Times reported March 4.

CEO Chris Wiscarson drafted a proposal ahead of the annual meeting to pay some 300,000 policyholders a one-off sum of several thousand pounds each. The polices are believed to be worth about £15,000 on average, the newspaper said.

The move will pave the way for a restructuring and ­potential sale, the newspaper noted. The British mutual insurance company has mandated Goldman Sachs to examine the sale option.

Equitable Life nearly collapsed in 2000, when the guarantees made to customers had become unaffordable.