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Davies says no to Equitable Life inquiry

FSA chairman and chief executive Sir Howard Davies has ruled out an immediate inquiry into Equitable Life, saying the immediate priority is to focus on the needs of policyholders.

Davies says he especially wants to focus on those policyholders with a cooling off period extended to December 22.

Saying the FSA expected there to be a buyer right up until Friday when the announcement Equitable was closing its doors to new business, Davies says the move was the only option left on the table for the company.

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