Reopening Of Equitable Investigation Welcomed

3.01.00pm UTC (GMT +0000) Mon 19th Jul 2004

Commenting on the reopening of the Equitable Life investigation, Liberal Democrat Shadow Chancellor Dr Vince Cable MP, said: "I welcome a proper Ombudsman investigation into Equitable.

"It is vital that this report is produced within a reasonable timeframe. It has been over three years since Equitable closed its doors and policyholders should not be left waiting for any longer than absolutely necessary.

"I am pleased that the Ombudsman has asked for her remit to extend to the Government Actuaries Department. My colleague Norman Lamb and I have called for this on a number of occasions and are glad that this point has finally been conceded.

"It is now essential for policyholders to know the true effects of the mismanagement of Equitable and failures of regulation, so that they can put their case for compensation and a sensible discussion on the magnitude of losses can be had."