Former Equitable CEO slams Penrose
A former head of Equitable Life has accused Lord Penrose of not taking a balanced view when conducting his investigation into the near collapse of the life assurance company.
Link: FSA defends Equitable track record
Chris Headdon, who became Equitable’s first chief executive in 1997, has pointed to the Hyman ruling from the House of Lords as the cause for the crisis rather than poor management.
‘I would still maintain that the House of Lords took a very peculiar view of the legal position and found a guarantee in the society’s products that no-one previously had thought was there,’ Headdon told the BBC’s World Business Report.
‘It’s a great deal of detail but I think Lord Penrose has actually failed to take a balanced view of the evidence that was presented to him,’ he said.