Treves: Government must face Equitable cost
Equitable's chairman Vanni Treves says the government must face the cost of the insurer's collapse, as Ombudsman is expected to slam its departments over their role in the affair
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.
Disciplinary costs see institute
post £1.6m deficit