City regulator cleared of blame over Equitable

The FSA had today been cleared of accusations that it had failed to protect consumers during the Equitable Life fiasco, as sharp words suggest consumers' expectations of the regulator's role are more the problem. In a report out today, the Parliamentary Ombudsman Ann Abraham says that she has found "no evidence" to suggest that the FSA had fallen short in its regulatory responsibilities during its prudential regulation of the Equitable from January 1999 to December 2000. According to the Ombudsman, there was also no evidence that the decisions, which the FSA had taken in rel...