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Parliamentary Ombudsman will find Government guilty over Equitable

The Parliamentary Ombudsman will find the Government guilty of failing to properly regulate Equitable Life, according to a leaked report.
The draft report, leaked to a national newspaper, raises the potential for compensation for those who lost out when the provider collapsed, affecting millions of policyholders.
Ann Abraham’s report- which is due in the early Summer- is also expected to criticise the FSA for its role in the affair.
The report has been delayed twice and will have taken three years to compile by the time it is published.
The last delay, in October last year, came after Abraham’s team uncovered the fact that potentially vital information was missing from the evidence that has been given to it by the Government.
Meps are also investigating the collapse of the provider with a European Parliament committee due to publish its report by the Summer.
The committee has heard critical evidence of the roles played by the Treasury, FSA and FOS.


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Watchdog row with PI firms

The Financial Ombudsman Service has accused PI insurers of blocking IFAs improving complaint-handling standards by using delaying tactics and overly legalistic procedures.Speaking last week on Money Marketing TV, FOS principal ombudsman Tony Boorman said: “PI insurers can get in the way of good complaint handling by delaying matters and adopting a rather unnecessarily legalistic approach.”.Boorman […]

Pension lapses hit Aviva shares

Aviva shares fell by 5 per cent after it revealed it has set aside an extra £224m to cover higher than expected lapses in pensions.Its full-year results – the last before chief executive Richard Harvey leaves for a gap year in Africa in July – show a 12 per cent rise in profits in 2006. […]

Blowing the whistle on insurance crime

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