Equitable Life's board of directors is now in discussions with legal representatives to establish whether it has a case for compensation in the European courts against the UK regulatory regime.
Details of the Society’s preliminary results to the end of 2003 reveal the board of directors is still in fighting mood following Lord Penrose’s report into its financial stability and actions over Guaranteed Annuity Rates. In particular, the Society’s chief executive argues the Parliamentary Ombudsman is now "duty bound to investigate the issue of regulatory maladministration and, if appropriate, recommend compensation". That said, it appears ultimately to be the policyholders who could end up paying, as legal fees surrounding the Ernst & Young case have already spiralled. Having ...
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