Ministers were facing demands last night to pay up to £4.5bn in compensation to investors who lost money in the Equitable Life scandal after a damning verdict from the parliamentary ombudsman, The Guardian reports.
In a long-awaited 2,800-page report published today, Ann Abraham said she had found evidence of "serial regulatory failure" by the government departments and watchdogs that were supposed to be protecting the insurer's customers. She identified 10 instances of maladministration in the period leading up to December 2001, called on the government to apologise to policyholders for the "injustice" they had suffered and recommended that ministers set up a compensation scheme. THE CITY’S TOP fund managers will decide today whether to buy into almost £9 billion of new bank equities issued by HB...
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