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Consumers&#39 Association accuses FSA of naivete over Equitable

The Consumers&#39 Association says the Baird Report shows the FSA has failed miserably in one of its first tests as a regulator in its handling of the Equitable debacle.

The FSA is at fault not because it could not prevent what happened but because it has not been able to deal with the aftermath of the decision by the life office to close its doors to new business.

CA senior policy adviser Mick McAteer says: “The Baird report paints a damning picture of a lack of communication and coordination, a lack of preparedness and planning for the possibility that the Equitable could lose the court case, and frankly a degree of naivety on the part of the FSA with regards to the information on which it based its assessment of Equitable&#39s financial strength.”

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