A joint 500-page response from the FSA, Treasury and Government Actuary's Department has delayed the Parliamentary Ombudsman's report into the collapse of Equitable Life until at least the end of the year.
In October, Ann Abrahams delayed the report until at least May to provide time to analyse new evidence which came to light over the summer and to allow interested parties to respond.
However, in a letter to MPs issued yesterday Abrahams says a 500-page joint response from the FSA, Treasury and GAD addressing issues such as the investigation process; scope of the draft report; and a range of legal and actuarial issues, she can “give no commitment as to the timetable for publication”.
She says: “Given the nature and extent of these representations, I will need time to consider, together with my professional advisers, all of the points which have been made by the bodies under investigation.”
Abrahams says as this will inevitably have an impact on the timetable for completion of the investigation – as she intends to send preview copies of her revised report to relevant bodies before reaching her final conclusions – it is clear she will not be able to publish the final report before the summer Parliamentary recess.
She adds: “I recognise this will be a disappointment to many of your constituents and I am sorry about that."
"At the same time, I am sure my goal of producing a robust and authoritative report, which has benefited from the representations of those affected by my investigation, will ultimately best be served by my taking the time necessary to carefully consider the views of the bodies under investigation, of those representing Equitable policyholders and annuitants, and of others.”
As a result, Abrahams says she will provide an update on her progress to MPs in October, once Parliament has returned from recess.
To make any comments on this story contact:
Tel: 0207 034 2681
Email: [email protected]
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till