Penrose: Regulatory regime receives a slap on the wrist but avoids footing the compensation bill

That said, they will NOT have to pay out compensation to the one million policyholders affected by the crisis, as the Penrose report published yesterday puts the majority of the blame on the company's former senior executives and a weak board. While lashing out at Equitable Life's then appointed actuary and chief executive, Roy Ranson, Lord Penrose also pointed a finger at regulatory failures, condemning the Treasury, Department of Trade and Industry (DTI) and the Government Actuary's Department (GAD) for failing to spot the problems and for being able to do anything about it. He beli...