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Government expected to disappoint with Penrose release today

The Government is expected to disappoint Equitable Life policyholders today by denying it has any obligation to provide compensation to those who lost money in the insurer&#39s near collapse.

Speculation over the weekend suggests financial secretary to the Treasury Ruth Kelly is likely to say the problems at Equitable are more to do with a “hands off” regulatory framework put in place by the Conservatives, than by failures by officials to enforce rules.

It is believed the 818-page Penrose report being published this afternoon will be critical of financial regulators and the Government, especially its actuarial department. Former Equitable management is also expected to come under attack.

Equitable Life was forced to close to new business in 2000 after losing a House of Lords case over guaranteed annuity pension policies it wrote between 1957 and the late eighties.


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 […]

L&G cuts bonuses as life profits rise by 7%

Legal & General has cut with-profits bonus rates despite achieving a 14 per cent investment return on with-profits assets last year. The company says returns in 2003 were in excess of its longer-term expectations but negative returns in 2001 and 2002 were well below expectations so smoothing means this has not yet been fully reflected […]

Penrose Report to be revealed on Monday

Publication of the long awaited Penrose report into what went wrong at Equitable Life is finally to take place in full on Monday. Financial secretary Ruth Kelly is also to make a statement to Parliament about the report on the same day. The 818-page report has been with the Treasury since December and has been […]

Bradford & Bingley

Bradford & Bingley&#39s new group chief executive Steven Crawshaw is keen to improve operational efficiency while continuing to achieve growth objectives for the company. He is adamant that it will be business as usual at B&B but says there are a lot of issues ahead, such as depolarisation, and he wants to give a clearer […]

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Auto-enrolment — don’t leave it too late…

With auto-enrolment (AE) well under way for the UK’s largest businesses, over the next three years an additional 800,000 smaller employers (with less than 60 employees) will start their journey to comply with the legislation. AE mandates all eligible employees and their respective employers to make regular pension contributions into a qualifying pension scheme. To learn more about the legislation read our brief Jelf AEase — simple steps to AE compliance guide.


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