It appears that Lord Penrose's report into how and why Equitable Life fell is due to be released soon.
A press officer for the Treasury commented that he did not think the report would be held back, even regarding the legal cases against Equitable's ex-directors. The report had apparently been delayed previously due to key witnesses not being co-operative. But, Lord Penrose did warn people to co-operate or he would name and shame them. This has apparently not had much impact.
Our View
We believe there are around 4 reports being put together regarding Equitable Life. We cannot comprehend how much money is being spent on these reports but one thing is certain, it is not helping policyholders.
Whatever the report brings out into the open, will it actually make any difference? Yes, we need to know what happened but we also need to know what will happen in the future and how it will affect policyholders.
With all of the surrounding legal battles ongoing an obscene amount of money is being spent. Would this have not been better sent in other directions? We agree that people must be brought to task if they have not performed their roles correctly but is all of this really necessary?