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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.”


Practitioner panel starts to assess FSA&#39s performance

The Financial Services Practitioner Panel is launching the first stage of its biennial survey of regulated firms, which aims to assess the performance of the FSA. The panel says that, in the past, results from the survey have been taken on board by the FSA and had a considerable impact on the regulator&#39s policy decision […]

AMI concern over complaint plans

Treasury plans to transfer mortgage complaint handling to the Financial Ombudsman Service could leave many borrowers without protection, warns the Association of Mortgage Intermediaries. The AMI believes there is a loophole in the proposals so anyone claiming against a broker who becomes an appointed representative after N4 will not be covered by the FOS. The […]

Friends is the star with big rises in sales and profits

Friends Provident is proving to be one of the shining lights in the recent wave of life company results, with its new business over the £400m mark for the first time. Its preliminary results for 2003 show new life and pensions business up by 14 per cent to £429m from £377m in 2002. Profits leapt […]

FSA: We reached the right decision

The FSA says it reached the right decision with its actions over Equitable Life. In response to the Penrose report FSA chairman Callum McCarthy has defended the regulator&#39s approach saying it reached the right decisions at the time but he accepts much of the previous regulatory regime needed to be overhauled. He says although Penrose&#39s […]


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