Equitable life
The investigation into Equitable Life was not a single event but a sequence of inquiries following the near-collapse of the world's oldest mutual insurer. The most definitive "Equitable Life Inquiry" is the Penrose Report (2004), followed by the high-impact Parliamentary Ombudsman’s Report (2008).
Key numbers at a glance
0
Recommendations
31
Months to complete
3.7
Cost in millions (if known)
0
Deaths (direct)
Recommendations
Inquiry/Phase | Key Conclusion | Outcome |
Penrose (2004) | Management was primarily to blame for a "culture of manipulation." | No compensation offered; led to stricter actuarial standards. |
Ombudsman (2008) | Found "serial maladministration" by the state regulators. | Recommended a full compensation scheme. |
Chadwick (2010) | Advised on the methodology for calculating "relative loss." | Set the formula for the 2011 Payment Scheme. |
Payment Scheme | Allocated £1.5bn to over 1 million policyholders. | Closed in 2015; many victims received only partial redress. |
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Links to other resources
Parliamentary Ombudsman: A Decade of Regulatory Failure: The 2008 report that led to compensation.
Equitable Members Action Group (EMAG): The lead campaign group for policyholders.
Equitable Life Payment Scheme - Final Report (2016): Official summary of the closure of the redress scheme.
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