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Equitable calls on Parliamentary Ombudsman to reopen inquiry

Equitable Life says policyholders have suffered enough and is calling for the Parliamentary Ombudsman to re-open her enquiry into the insurer.
In protest to the Government&#39s refusal to allow it to see the report in advance of today&#39s publication, it says there will be an “unnecessary vaccuum” as it reviews and digests the report before providing a further statement.
It says policyholders have suffered enough and a “fair, fast and final” solution is needed, wanting to see the ombudsman, who has the power to recommend compensation, reopen her inquiry.
Chief executive Charles Thomson says: “From the Financial Secretary&#39s statement today, it is clear that Lord Penrose has found that things did go wrong and he has highlighted serious failings by the Society&#39s former directors and also with the regulatory regime in place at the time. The current board is taking legal action against the former directors and former auditors. We believe we have strong claims against both and we must let the legal process take its course. The trial is due to start in April 2005.”

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