Government must admit it failed to regulate Equitable Life properly
July 17, 2008 12:00 AM
Commenting on the release today of the Parliamentary and Health Service Ombudsman's report into the collapse of Equitable Life, the Liberal Democrat Shadow Chancellor Vince Cable said:
"After eight years and 13 reports it's time for the Government to finally admit that it comprehensively failed to regulate Equitable Life properly.
"For years ministers have acted like they were in a castle under siege, hoping that Equitable Life policy holders would give up and go away. Today's report shows that, rightly, this is not going to happen.
"Gordon Brown has overseen a complete and repeated failure of regulation spanning a decade. The outrage expressed by policyholders over this 'serial regulatory failure' is entirely justified."
Malcolm Bruce the MP for Gordon added:
"After dragging its feet for so long, the Government needs to accept the Ombudsman's recommendation that 'wrongs should be remedied'.
"If ministers choose to disregard this report, as they have done over tax credits and occupational pensions, it will be the final nail in the coffin for the Ombudsman's credibility.
"It is critical that the Government now sets out a credible, transparent and independent process to enter into a dialogue with policy holders over compensation."
ENDS
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