Inquiry slams Equitable Life
The Penrose report labels the former management of the life assurer as “incompetent”, drawing special attention to a £350m subordinated issue which may have been mis-sold
A report by Lord Penrose into the collapse of Equitable Life has criticised the insurer’s management as “incompetent”, accusing the board of creating an “air of unreality” around the company’s financial position.
Describing the company as “the author of its own misfortunes”, Penrose lays most of the blame on the management’s culture of manipulation and concealment. But the report also raises questions about Equitable Life’s £350 million subordinated debt issue: in particular, whether Equitable
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