A Treasury backed inquiry into the Equitable life debacle, known as the Penrose Inquiry, looks like it will be delayed until early next year.
The Equitable Members Action Group are obviously un-impressed by the so-called delay. They believe that it is merely a stalling tactic to give the Treasury time to vet the content of the report before laying blame on groups such as the industry regulator, the Financial Services Authority, or any other.
Our View
In our opinion, Treasury led reviews and inquiries have generally had a little more bite to them than most other industry reviews and many, such as the Sandler Review (a review into how financial services advice and savings plans should be changed), have actually made a lot of sense.
The damage for Equitable policyholders has already been done. Rather than rush it, let's wait and see - and hope it really does establish blame and the more importantly the way forward.
Get a copy of our fact sheet on Equitable Life sent to your 'mailbox' - contact us.