The Parliamentary Ombudsman’s report on alleged maladministration by the public bodies responsible for the regulation of the Equitable Life Assurance Society was published on 17 July 2008.
In the report, entitled “Equitable Life: A decade of regulatory failure”, the Parliamentary Ombudsman sets out ten findings of maladministration that occurred during the supervision of Equitable Life from 1991 to 2001, five against the Financial Services Authority, four against the Government Actuary’s Department and one against the Department of Trade and Industry.
The report recommends that the regulatory bodies apologise for their failures and that the Government should establish and fund a compensation scheme to provide compensation for any loss suffered by any person due to the maladministration.
Alistair Darling has instructed lawyers to review the report and is to wait until the House of Commons returns from its summer break before giving any views on compensation claims.
View the report.