UK - Beleaguered insurer Equitable Life wants the government to reopen the parliamentary ombudsman's inquiry into regulatory failures at the time of the mutual's near-collapse.
Chief executive Charles Thomson said the Penrose Report highlighted a catalogue of failure by the regulatory regime in place at the time.
He said: “There needs to be a thorough airing of these issues. It is also imperative that the parliamentary ombudsman reopens her inquiry immediately.
“We believe that Ann Abrahams should then ask Lord Penrose, who has spent over two years investigating the facts, to advise her in reaching her conclusions on whether there was maladministration and whether she should recommend compensation. We believe his assistance to her would be a powerful, independent force for good.
“Long-suffering policyholders require a fair, fast and final solution and she has the statutory power to recommend compensation to parliament. Without question, the fastest route to redress is through her office.”Equitable is still reviewing the report and said it would provide policyholders with its assessment “in due course”.
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