Investigate 1990s Maladministration Of Equitable

12.00.00am UTC (GMT +0000) Thu 27th Mar 2003

Norman Lamb MP, Liberal Democrat Shadow Treasury Minister and member of the Treasury Select Committee, has today written to the Parliamentary Ombudsman urging her to reconsider her refusal to investigate maladministration in the 1990s by the financial regulators responsible for Equitable Life.

His call follows a report by chartered accountants Burgess Hodgson, commissioned by the Equitable Members Action Group. It shows that mismanagement of Equitable itself and maladministration by the regulators were occurring as long ago as the 1980s. However, the Ombudsman has so far refused to investigate even the regulatory failings during the 1990s.

"This is a devastating critique of both failed management and failed regulation over many years", said Norman Lamb.

"The Parliamentary Ombudsman can no longer justify any further delay in examining the regulation of Equitable Life in the 1990s."