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Who should be compensated not part of inquiry – Penrose

Despite Equitable Life policyholders have suffered “much worry and distress” as well as “real financial hardship” from the insurers&#39 near collapse, Lord Penrose has not gone so far as to identify who is at fault and who should get redress.
In his report released today into what went wrong at Equitable, Penrose says it was no part of his inquiry to answer these two questions.
However, he does state he believes the regulatory system has failed policyholders in this case, but goes on to say the society itself was the “author of its own misfortunes” with the regulatory system failures being only secondary factors.
He says a hard lesson for many has been that it is the “nature” of a with-profits office that members have little recourse to anyone other than other members for recovery of their losses.
Penrose says: “It may be appropriate to comment that the practices of the society&#39s management could not have been sustained over a material part of the 1990s had there been in place an appropriate regulatory structure adapted to the requirements of a changing industry that happened to manifest themselves in an extreme form in the case of Equitable Life.”


McGinn says only Abbey can drive wrap market

Abbey director of intermediaries Ambrose McGinn has hit out at suggestions that its wrap platform is struggling, claiming that its rivals do not have the experience and res-ources to make their propositions succeed. Dismissing the firm&#39s competitors as “pretenders”, McGinn says only Abbey has pockets deep enough – and the requisite critical mass – to […]

Giving a tax break

It is not often that you get the chance to tell the finance profession they have missed a trick when it comes to making the most of tax breaks for their clients but in the sphere of charitable giving that seems to be the case. Last year, the British public gave around £7.3bn to charity […]

NAO estimate is reasonable

The National Audit Office&#39s findings on the lifetime allowance estimate for pensions is reasonable, says Watson Wyatt head of executive reward consulting John Ball.Speaking on the NAO&#39s research into the impact of the £1.4m lifetime pensions cap Ball says consulting firm Watson Wyatt has also done research which broadly supports the NAO&#39s findings that some […]

Review lists viable film schemes

The latest issue of the Tax Efficient Review details all the film partnership schemes still claiming to be viable following the Inland Revenue&#39s bombshell last month. The Revenue introduced guidelines banning certain types of schemes from raising funds because it objected to the profit-sharing ratios between producers and their members. These schemes include Scene from […]

The investment clock

While Trump blazes blond in the political foreground, it’s easy to overlook the economic background to the new political dimension of 2017. Political risk will be a feature of the year: the unpredictable and untested Trump administration has already created uncertainty, which is unlikely to diminish, especially if protectionist rhetoric starts to outweigh promises of […]


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