Equitable Life Report - Whitewash
Justine McGuinness, Parliamentary Spokesperson for West Dorset has criticised the Government’s reaction to the Penrose report into Equitable Life, released yesterday. The Penrose Report blamed Equitable Life for mismanaging its business and the financial regulation system and Government bodies for failing to spot this mismanagement and act upon it. Many policy holders think that the Government should pay compensation to them as it is ultimately responsible for the failure of the financial regulation system.
Justine McGuinness, Parliamentary Spokesperson for West Dorset said:
“Many people in West Dorset are Equitable Life Policy holders. What has happened is a major scandal. I believe that the Penrose report has major implications not just for the 800,000 plus policy holders, but for future confidence in private pensions and the products of life insurers in general. Sadly the Government’s reaction to the Penrose report is a total whitewash.
She continued: “The Penrose report has found failures in the regulation of Equitable Life. Although the report does not make recommendations on compensation it confirms that policy-holders have had much worry and distress with many experiencing real financial hardship. What we now need is a clear explanation of the process by which this issue will be dealt with. There must now be a proper process for looking at the compensation issue.”
