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Equitable chief wants Treasury to speed FSA review

Equitable Life chairman Vanni Treves has called on the Treasury to speed up the publication of the FSA&#39s internal review of its handling of the Equitable affair.

Speaking at the launch of Equitable&#39s compromise deal last week, Treves said he “hoped it would not be too long” before the outcome of the FSA review was released.

He said its conclusions on the role of the regulator in Equitable&#39s demise were vital to the work of Herbert Smith, the lawyers appointed by Equitable to investigate the actions of former directors and advisers.

Equitable has said this investigation will not stop at the regulator and everyone involved will come under scrutiny. But before embarking on a complex and expensive process of investigating the regulator, Equitable wants to see the FSA&#39s findings.

The report was due out this summer and the FSA says the report will be with the Treasury imminently. Fears it may never be published were raised when the Treasury announced its own inquiry headed by Lord Penrose.

The FSA says it wants to see the report published as soon as possible although it is for the Treasury to decide whether to make the report public and it is not expected to be published until Penrose reports.

FSA spokesman Vernon Everitt says: “The question of publication lies with the Treasury. We want it published and in the public domain as quickly as possible.”


Equitable – so near yet so GAR

Equitable Life&#39s compromise scheme proposals promise to settle the uncertainty of its liabilities but have managed to raise yet more questions about the society&#39s future. Misselling claims for non-guaranteed annuity holders on the grounds that they were not told of the potential cost impact of GARs have become a nasty thorn in the deal&#39s side. […]

Britannic ads are all the fashion

Britannic Money has commissioned British fashion designer Russell Sage to design its new ads. The ads show a model wearing a garment designed from a Britannic Money umbrella. Britannic has sponsored Sage&#39s spring and summer 2002 collection at this year&#39s London fashion week to coincide with the launch of its new campaign. The company says […]

FSA appoints new chair of Practitioner Panel

The FSA has announced a new chairman for the Financial Services Practitioner Panel, the body of industry representatives which provides checks and balances to the powers of the regulator.Axa Investment Managers chairman and chief executive Donald Brydon is to takeover the post as of October 1. He succeeds David Challen of Schroder Salomon Smith Barney, […]

Teather & Greenwood – TGIM UK Equity Income

Wednesday, 26 September 2001.Type: Oeic.Aim: Income by investing in UK equities listed in the FSTE all-shareindex.Minimum investment: Lump sum £500, monthly £50.Investment split: 100 per cent UK equities listed in the FTSE all-shareindex.Isa link: Yes.Pep transfers: Yes.Charges: Initial 5 per cent, annual up to 1.9 per cent.Commision: Choice of initial 3 per cent or initial […]


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