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Problem unique to Equitable – Penrose

The ABI says the Penrose Report shows the problems at Equitable Life were unique to that company and not symptomatic of life offices in general.

The ABI has welcomed the further reviews announced by Treasury financial secretary Ruth Kelly but says they must avoid imposing costly or unnecessary burdens on the rest of the industry.

ABI director general Mary Francis says: “The report confirms Equitable&#39s problems, particularly its policies of over-promising and under-reserving, were unique to that company. The regulatory regime has changed beyond all recognition under the FSA.”

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