Treves: Government must face Equitable cost
17 Jul 2008, Kevin Reed, AccountancyAge
http://www.accountancyage.com/aa/news/1782917/treves-government-equitable-cost
The government should not duck out of paying compensation to policyholders of failed insurer Equitable Life, its current chairman has stated.
The Parliamentary Ombudsman's report into the collapse of Equitable expected to point the finger at government departments in part for its failure and call for a government fund to be set out for compensation.
Current Equitable chair Vanni Treves warned that the government must pay out quickly and pooh-poohed concerns over whether it can afford it.
'I do not believe any argument that the Government has not got the money to do it. It is the job of the Government to fund it and pay out speedily,' Treves said in the Daily Telegraph.
Accounting tribunal the Joint Disciplinary Scheme is also expected to release its findings soon looking at why Ernst & Young auditors gave an ‘unqualified’ audit opinion on Equitable Life’s accounts from 1990 to 2000 when, the JDS case alleges, the accounts were not prepared in line with company law rules.
© Incisive Media Investments Limited 2012, Published by Incisive Financial Publishing Limited, Haymarket House, 28-29 Haymarket, London SW1Y 4RX, are companies registered in England and Wales with company registration numbers 04252091 & 04252093
Visitor comments
What about the workers
With all this comment about Equitable Life - has anyone thought about the poor souls who worked at Equitable, taking all the calls from customers as the values nosedived, and then found themselves out of a job? My own son was completely drained at the end of the day.
Posted by: Barbara Wood , 21 Jul 2008 | 00:00