The public bodies responsible for the 10 counts of maladministration identified in the report – the FSA, the Government Actuary’s Department and the former Department for Trade and Industry – should apologise for their “serial regulatory failure”.
The Government should establish and fund a compensation scheme with a view to assessing individual cases of both current and former policyholders and provide compensation for any financial losses that would not have occurred if they had invested elsewhere and if the maladministration had not taken place.
The scheme should be established within six months of a decision by Parliament or Government to do so and, once in operation, it should aim to complete the process within two years.
The scheme should be independent and be set up in a similar way to an adjudication panel, with one member representing policyholder interests, another representing the public bodies and a third independent chair.
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