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.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements