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Treasury refers Penrose Report to SFO

The Treasury has referred the Penrose Report into what went wrong at Equitable Life to the Serious Fraud Office.

The SFO has confirmed it has received the 800 plus page report and will be looking to see whether it is appropriate for it to carry out a serious criminal investigation.

The independent Penrose inquiry into Equitable Life, headed by Lord Penrose, was announced by the Treasury in August 2001 with the aim of examining the circumstances that led to the insurer&#39s demise and to identify any lessons to be learned for the conduct, administration and regulation of life assurance.

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