Equitable Life
12 July 2004
Press release 03/04
The Parliamentary Ombudsman, Ann Abraham, has today announced that she will lay a special report before Parliament on 19 July 2004, setting out her decision on whether or not she will conduct a further investigation of the prudential regulation of Equitable Life and the reasons for her decision.
The Ombudsman will not be commenting on her decision before 19 July.
Notes to editor
- The Ombudsman, Ann Abraham, recently consulted interested parties in order to inform her decision as to whether she would conduct a further investigation of the prudential regulation of the Equitable Life Assurance Society. That consultation exercise ran from 22 April to 21 May 2004.
- The Ombudsman received representations from 211 Members of Parliament, from 1,603 individual Equitable policyholders or former policyholders, from the Public Administration Select Committee and from three action groups representing policyholders. She also received representations from the Treasury, the Financial Services Authority, the Government Actuary's Department, the Department of Trade and Industry and Equitable Life itself.
- Prudential regulation is concerned with the solvency and sound management of a company and is different from conduct of business regulation, which relates to marketing and the advice and information provided to current and potential investors.
Queries can be directed to the press office on 0300 061 4996 or via press@ombudsman.org.uk
