Equitable Life says the Baird report will assist its own investigation into whether legal action can be taken against previous directors, advisors or regulators.
Herbert Smith is acting on behalf of Equitable to see if policyholders can claim for compensation from regulators. The law firm will use the Baird report to reduce costs, but will not be bound by its findings
Equitable, however, wants regulation over a much longer period to be examined and hopes the Penrose enquiry will cover this ground.
Equitable has also hit back at suggestions from the Treasury did not co-operate with the Baird review. It says it provided a large amount of information to the FSA.