The report into the failings and near collapse of Equitable Life by Parliamentary Ombudsman Ann Abraham has now been published and will be of particular interest to the millions of investors who lost up to 50% of their pension funds with the company in 2001.
The report, which accuses regulators of comprehensive failure and the Government of maladministration, recommends that a scheme be established to consider individual claims for compensation.
The Department of Trade and Industry, Government Actuary’s Department, and Financial Services Authority (FSA) all receive criticism in Ms Abraham’s report. She expects a compensation scheme to be set up within two years and demands a public apology is made to the policyholders who have been fighting for the opportunity to recover their losses since 2001.
The treasury will give it’s report on the publication in the Autumn, allowing themselves time to carefully consider the findings.
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