Shooting the messengers
GOOD news from the Equitable Life for its policyholders, or some of them. They are being paid £70 to tell its researchers where its communications have gone wrong. Cer- . tainly they were not warned that, if their society lost its test case, they would have to put their hands in their pockets, forfeiting seven months' interest and growth on their with-profits policies. The word coming back to the researchers is of a huge blow to client confidence and of disenchantment with the board, which has carried on, unchanged, as though nothing had happened. It now wants a buyer, but would find it hard to persuade the members to vote for a golden goodbye to Alan Nash, the chief executive. In a more acute form, the Equitable has the same trouble as Barclays. There is no point in shooting the messengers when what is at fault is the message.
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