UK Money News
17th July 2008
Government 'should compensate Equitable Life policyholders'
The government should pay compensation to savers who lost money due to its failure to adequately regulate Equitable Life, the parliamentary ombudsman has said.
Ann Abraham, who has been conducting a report into the near-collapse of the company, said the government had been guilty of "serial regulatory failure" for a decade.
She is now recommending that a compensation scheme is set up within six months and that policyholders be paid the money they have lost due to the problems encountered by the mutual.
The report stated: "The public bodies responsible for the prudential regulation of insurance companies...and the government Actuary's Department failed for considerably longer than a decade to properly to exercise their regulatory functions in respect of Equitable Life."
Under Ms Abraham's proposal, once the scheme is set up, those affected would be given back the money they lost over a two-year period.
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