UK Money News
9th July 2008
Equitable Life report due next week
Customers of Equitable Life will next week find out if they can claim for compensation from the government over its role in the collapse of the insurer.
The Parliamentary Ombudsman's report into the failure of the company and the consequent loss of billions of pounds of consumers' savings and pensions, is due next Wednesday.
According to the Telegraph, which has seen a draft copy, it will decree that watchdogs had been "guilty of maladministration" and clear the way for customers to begin legal action.
The report is now three years late, having first been scheduled for publication in 2005, which in turn was five years after Equitable Life folded.
Ann Abraham, who is the report author, has cited "substantial representations" which were given by government bodies in the course of her probe as the chief cause of the delays.
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