Financial secretary to the Treasury, Ruth Kelly MP, says the report into the near-collapse of Equitable Life places blame for its weakened financial position largely on the former appointed actuary and the society's managment regime.
According to a statement still being read by Kelly in the House of Commons, the problems were caused by "deep-seated" errors and its unique management system of inadequate controls "which lay at the heart of the society". However, MPs are still questioning the failure of the regulatory system - both former regulations maintained under the Conservative Party and of those to be maintained by the DTI - the body which was previously responsible for regualtion of Equitable Life. In particular, it is thought the "unique" charactistics of the management structure - and the virtual dependence...
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