Reopening of Equitable Investigation Welcomed --Annette Brooke MP

12.00.00am BST (GMT +0100) Tue 20th Jul 2004

Commenting on the reopening of the Equitable Life investigation, Liberal Democrat MP Annette Brooke, said:

"I welcome a proper Ombudsman investigation into Equitable.

"It is vital that this report is produced within a reasonable time frame. 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. Vince Cable, the Liberal Democrat Shadow Chancellor, has called for this on a number of occasions and I am glad that this point has finally been conceded.

"In the Public Administration Select Committee I have raised the issue of further investigation into maladministration and a wider remit of inquiry to that of Lord Penrose.

"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."