This petition is now closed, as its deadline has passed.
We the undersigned petition the Prime Minister to Implement in full the recommendations of the Parliamentary Ombudsman in respect of her report Equitable Life: a decade of regulatory failure (HC 815). More details
Submitted by Peter W Odds – Deadline to sign up by: 01 October 2009 – Signatures: 207
The Ombudsman makes ten determinations of maladministration on the part of the former Department of Trade and Industry, the Government Actuary's Department, and the Financial Services Authority. Also, the Ombudsman has upheld a general complaint namely that: ‘the public bodies responsible for the prudential regulation of insurance companies...and the Government Actuary's Department failed for considerably longer than a decade properly to exercise their regulatory functions. The Ombudsman has recommended that a compensation scheme should be established with a view to paying compensation to former policy holders to remedy any financial losses which would not have been suffered had those people invested elsewhere than with Equitable.
The Ombudsman has invited the Government to debate her report. I believe they should do so at the earliest opportunity.
Peter W Odds, the Petition Creator, joined by: