UK - Department of trade and industry officials have been sent extracts from the judicial report into events at Equitable Life ahead of its publication, the Treasury has revealed.
Financial secretary to the Treasury Ruth Kelly said the “relevant extracts” of the Penrose report – which was handed to the Treasury on December 23 – had been sent to DTI officials “for the purpose of informing the government’s response on specific items of policy”.
However, Equitable members reacted angrily to the news and fear the government is conducting a damage limitation exercise designed to reduce the likelihood of it having to pay compensation when the report is finally published.
Equitable Members Action Group chairman Alex Henney said: “I’m not at all surprised the DTI knows what’s coming its way. It will be discussing the best way of presenting this.”
Kelly also revealed that the Treasury had called in the Serious Fraud Office to examine “a number of issues” raised by the report.
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