Government apologises to Equitable Life policyholders
www.moneynews.co.uk > Insurance > Government apologises to Equitable Life policyholders
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Money News |
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Government apologises to Equitable Life policyholders
Fri 16th Jan 2009
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Yvette Cooper, the chief secretary to the Treasury, said that regulatory oversights had contributed to the scale of the financial catastrophe and said sorry to policy holders on behalf of the regulatory bodies and successive governments.
Ms Cooper said: "I wish to apologise to policyholders on behalf of the public bodies and successive governments responsible for the regulation of Equitable Life between 1990 and 2001, for the maladministration we believe has taken place."
As part of the apology, the government has launched a compensation scheme aimed at helping those who were worst affected to get some of their money back.
The apology was issued after a report by the parliamentary ombudsman last summer revealed that failures in regulation were partly to blame for the scale of the crisis.
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