Equitable Life dominates the front pages - papers 9th March

The FT leads with the basic facts – the Penrose is scathing as Equitable Life's one million policyholders were failed by a combination of "manipulation and concealment" by its senior management and "complacent" government regulation. Lord Penrose said its problems stemmed principally from over-dominant senior executives – or one in particular - and a weak board. However, he was also critical of regulatory failures, condemning the Treasury, Department of Trade and Industry and the Government Actuary's Department for failing to spot the problems and for being able to do anything about i...