LibDem trade and industry spokesman Vincent Cable (above right) has
delivered a letter to Chancellor Gordon Brown asking him to explain the
delay in publication of the FSA report into its role in the Equitable Life
debacle. Accompanied by Equitable Life Members' Action Group chairman Paul
Braithwaite (pictured left), Cable went to Downing Street this week.
The Treasury said in July that the report would not be published until
this autumn even though it was intended to be released in the summer.
Cable also questions the salaries of senior FSA staff, saying they are in
excess of comparable public servants. In the letter, he says Sir Howard
Davies earns a basic salary of £290,000 and his three deputies are
each paid £235,000. He says the public should know why regulators earn
so much but fail to protect consumers.