From: "Tim" 
Newsgroups: uk.finance
Subject: Re: Equitable wins right to sue directors
Date: Tue, 21 Oct 2003 07:16:02 +0000 (UTC)

"Stephen Burke" wrote
>  In this case the underlying problem is that the guaranteed
> annuity rates were introduced as a marketing gimmick at a time when no-one
> expected them to really matter, and they didn't get plugged in to the
> actuarial calculations until it was too late. That kind of thing isn't
> anyone's fault in particular,

If they didn't allow for the guarantees in the valuation calcs "until it was
too late", I'd say it *was* someone's fault - either the person who
instructed them not to allow for the guarantees, or otherwise the office's
Appointed Actuary who should have thought about this properly.