Policy paper

HM Treasury: the prudential regulation of the Equitable Life Assurance Society January 2009

This document contains the following information: The prudential regulation of the Equitable Life Assurance Society: the 바카라 사이트's response to the report of the Parliamentary Ombudsman's investigation

• From: HM Treasury
• Published: 16 January 2009

This was published under the 2007 to 2010 Brown Labour government

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Ref: ISBN 9780101748124, Cm. 7538

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In response to the Parliamentary and Health Service Ombudsman바카라 사이트™s investigation 바카라 사이트˜Equitable Life: a decade of regulatory failure바카라 사이트™ (HC 815, 4th report session 2007-08, ISBN 9780102957303), the 바카라 사이트 accepts that maladministration occurred and that, in some cases, this caused an injustice to some policyholders. The 바카라 사이트 apologies to Equitable Life policyholders and will take action to establish a fair ex gratia payment scheme for those policyholders who have suffered a disproportionate impact as a result of the relevant maladministration, although it does not accept that it would be appropriate to provide compensation in the form suggested by the Ombudsman. Sir John Chadwick has been invited to advise the 바카라 사이트 on the matters relevant to disproportionate impact suffered by current and former Equitable Life policyholders. The Ombudsman바카라 사이트™s investigation did not consider the actions of Equitable Life but such matters are relevant to the design of the payment scheme, especially as Lord Penrose바카라 사이트™s report (HC 290, session 2003-04, ISBN 9780102926880) found that Equitable Life was principally the author of its own misfortunes. Sir John will advise on an appropriate apportionment of losses between the public bodies investigated by the Ombudsman and the actions of Equitable Life and other parties.

This Command Paper was laid before Parliament by a 바카라 사이트 Minister by Command of Her Majesty. Command Papers are considered by the 바카라 사이트 to be of interest to Parliament but are not required to be presented by legislation.

Published 16 January 2009