Equitable Life is to call on the Government to pay damages as quickly as possible to policyholders who lost out following the near collapse of the UK's oldest mutual insurer, The Telegraph reports.
Vanni Treves, non-executive chairman of Equitable Life, expects the Parliamentary Ombudsman to recommend compensation is paid when it publishes its report into Equitable Life collapse next week.
His comments come after The Daily Telegraph revealed yesterday that a draft copy of Ann Abraham's report found that the Government was guilty of maladministration in the lead up to the near-collapse of the society in 2001.
"We pressed hard in 2004 for the Parliamentary Ombudsman to investigate, and we have given all possible support to her and her team ever since," Mr Treves said. "If, as we hope, she recommends compensation, then we will call on the Government to act quickly and effectively. Our policyholders have waited long enough."
NEW RULES ON disclosing short positions are having little benefit but have jeopardised the reputation of the Financial Services Authority and damaged Britain's investor-friendly standing, critics say, also according to The Telegraph.
The watchdog is coming under fire for rapidly implementing, with negligible consultation, rules that force investors to disclose short positions on companies carrying out a rights issue.
The International Swaps and Derivatives Association (ISDA) has written to the FSA to voice concerns about the new regulations while leading lawyers and consultants are adding their weight to a growing campaign of discontent.
BRADFORD & BINGLEY (B&B) has slashed its lending to landlords, amid claims that the troubled bank is struggling to make profits on its new loans, The Times reports.
Britain’s biggest buy-to-let lender, with a £23bn book of loans, has pulled its Mortgage Express range from Moneyfacts, the financial website that is used by potential borrowers to compare interest rates.
A B&B spokeswoman said that the loans were still available from a select group of mortgage brokers. “More than 90% of intermediaries can still deal with us,” she said. “This is just so we can better manage our distribution model. It’s about managing volume flow and improving credit quality.”IFAonline
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected