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18th July 2019
:: Blog | July 2008 (14 blogs) | DTI, GAD and FSA to...

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DTI, GAD and FSA to blame for Equitable Life fiasco 
Parliamentary Ombudsman Ann Abraham didn’t hold back when naming the report into the Equitable Life saga. Entitled, "Equitable Life: a decade of regulatory failure", the finger of blame is pointed directly as she identifies 10 findings of maladministration: 
  • one against the Department of Trade and Industry responsible for supervising Equitable until the end of 1997,
  • four against the Government Actuaries Department, and
  • five against the Financial Services Authority, which took day-to-day responsibility for insurance supervision in 1999. 
So, people with pensions in Equitable Life policies, and even company pension scheme members whose scheme invested in Equitable Life may be in line for compensation from the Government. But it may be a long wait. For a quick briefing, accompanied by a timescale, see:
Mike Jones,, 17th July 2008

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