Government accepts Equitable Life errors

The government has admitted mistakes were made in the regulation of Equitable Life, but it has not accepted all allegations of maladministration and its proposal to compensate policyholders falls short of recommendations

The current financial crisis may well be all about the banks, but the insurance industry has had its own share of run-ins with the financial regulator in the past, and in the case of Equitable Life the issues are still making the headlines over eight years after the company closed to new business.