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 l...
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