The well documented and protracted Equitable Life fiasco appears to be drawing towards a close with the announcement that victims will be compensated after a deep investigation by the Treasury and Parliamentary Ombusman. It is good news for a few whom lost their savings but illustrates a prime example of the flimsy structure of private insurance companies who shun blame by focusing on regulatory agencies as the cause of economic collapse rather than shouldering responsiblity for their decisions. The next generation of savers and investors are being forced to redress planning for retirement by drawing conclusions from evidence pieced together from press clippings and hansard, for as we well know, it is best to invest in educating and caring for oneself- at least then you will get a straight answer!
It does not help that the FSA failed to thoroughly scrutinise Equity's handling of the Hyman case on its performance and assurances over adherence to regulatory frameworks designed to improve accountability and performance.
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