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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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