The Government's response on Equitable Life third report session 2008 to 2009
This document contains the following information: Injustice unremedied: the Government's response on Equitable Life third report session 2008 to 2009.
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This document contains the following information: Injustice unremedied: the Government’s response on Equitable Life third report session 2008-09.
On 16 July 2008 the Parliamentary and Health Service Ombudsman presented a report concerning the prudential regulation of the Equitable Life Assurance Society (HC 815, session 2007-08, ISBN 9780102957303). This complex report made ten findings of maladministration and determined that this maladministration had led to injustice. That report also made two recommendations: that the Government should apologise to policyholders for the serial regulatory failure and; that the Government should establish and fund a compensation scheme. Following that, the Public Administration Committee conducted an inquiry into the issues raised by the report and produced a report, ‘Justice delayed’ (HC 41-1, II, session 2008-09, ISBNs 9780215525536, 9780215526229). On 15 January 2009 the Government provided their response to the Ombudsman’s report by way of an oral statement and published a Command paper ‘The prudential regulation of the Equiable Life Assurance Society’ (Cm. 7538, ISBN 9780101748124). The Government accepted some, but not all, of the Ombudsman’s findings and apologised to policyholders. The Government also said that they had decided to reject the central recommendation - that the Government should establish and fund a compensation scheme. This report presents the Ombudsman’s assessement of the Government’s response.
This paper was laid before Parliament in response to a legislative requirement or as a Return to an Address and was ordered to be printed by the House of Commons.