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Equitable report is put back again

Questions surrounding the demise of Equitable Life will remain unanswered for longer following further delays in the release of the Penrose report.

Inquiry secretary Hugh Burns says the report will be ready “very soon” but will not be finalised by the end of summer as was announced last November. He says the report is being finalised, with a process of “Maxwellisation” taking place, where those criticised in the report are given a chance to respond. He says this is expected to take “some weeks”.

The inquiry is headed by Lord Penrose and was commissioned by the Treasury in August 2001.

Equitable Life chief executive Charles Thompson says: “Many policyholders have been waiting a long time for a definitive study on what went wrong in Equitable&#39s past.”

Equitable Members&#39 Action Group general secretary Paul Braithwaite says: “We hope that the extra time will result in a more comprehensive indictment of failed regulation.”

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