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Regulatory tools should prevent another Equitable says Penrose

FSA proposals aimed at reforming regulation of the life insurance industry could provide the necessary tools to prevent another Equitable Life from occuring, Penrose&#39s report says.

While the regulator has “sought to anticipate many of the lessons that might be drawn by this inquiry,” Penrose says the tools it may design as a result will be “useless unless the personnel charged with their use have the skills and experience necessary for their effective application.”

He says FSA proposals for life offices to provide statements outlining their principles and practices of financial management (PPFM) as well as those latest proposals aimed at &#39treating with-profits policyholders fairly&#39 will likely go some way to closing the regulatory gaps which have existed in the past.

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