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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.”


Wild things

The Wild Wild West is becoming a favourite theme among financial services companies.Not only has Halifax subjected poor Howard to more degradation, dressing him up as a sombrero-clad Mexican offering rewards for regular savers, but Bristol & West reportedly herded several unwilling hacks into its campaign against cowboy lenders and adverse credit mortgages last month […]

Jackman calls on IFP to help demarcate financial planning and advice

Skills Council for Financial Services chief executive David Jackman has enlisted the help of the Institutte of Financial Planning to assist him in defining the marketplace. Speaking at the Institute of Financial Planning annual conference in Telford today Jackman said it was essential to have a clear demarcation between planning and advice in order to […]

Britannic Money rebranded Mortgage Trust

Britannic Money is to be rebranded Mortgage Trust on September 29th, following its acquisition by Paragon Group in June this year. It will operate exclusively in the buy to let sector, focusing on small landlords building property portfolios. It will be intermediary focused. Its new range will include a 2-year discounted rate at 4.40%, a […]

Gartmore strikes hedge fund deal

Gartmore has established a strategic alliance with hedge fund manager Aspect Capital which will see the joint development and distribution of alternative investment products. The partnership will seek to develop products in different geographies, focusing on Aspect&#39s managed futures strategies. Initial opportunities include Japan and the UK. Gartmore chief executive Glyn Jones says: “We believe […]

Seeking quality in uncertain markets

By Ewan McAlpine, Senior Client Portfolio Manager In uncertain times, investors naturally seek safety. But in fixed income markets, what does that really mean? Ewan McAlpine outlines the approach RLAM’s Fixed Income Team will be adopting across its credit funds in response to potentially volatile markets this year. Click here for full article


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