Government 'guilty' of Equitable failures - papers 12th March

clock

The Parliamentary Ombudsman will find the government guilty of failing to properly regulate Equitable Life, according to a draft report for the Treasury and leaked to the Daily Telegraph .

Millions of current and former policyholders may have a claim for compensation after the report is published this year, but critics warn Whitehall may ignore the conclusions of Ann Abraham's report, as it did with her investigation into collapsed pension schemes. The government is working on a defence for the twice-delayed report into Equitable, which concludes official regulators were guilty of "serious, serial maladministration", according to sources close to the investigation. The news raises the prospect it may have to pay out compensation - of anything up to £4bn - to those who los...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on uncategorised

Building Society-owned Newcastle Financial Advisers acquires Openwork firm

First of a number of acquisitions

Hannah Godfrey
clock 09 December 2019 • 1 min read

Bond managers fear hedges being undermined as liquidity dries up

The recent sell off in the bond market and growing liquidity issues have forced bond investors to use similar hedging techniques, undermining their effectiveness and causing concerns about how much downside protection funds really have.

Anna Fedorova
clock 03 July 2013 •

Police launch investigation into mortgage middleman fined £1m

West Midlands Police have launched a fraud investigation into a Birmingham financier over his role in sale and rent back agreements.

clock 25 June 2013 •