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PARLIAMENTARY OMBUDSMAN TO INVESTIGATE FINANCIAL SERVICES AUTHORITY'S HANDLING
OF EQUITABLE LIFE

Press Notice 57/01 29 October 2001
The Parliamentary Ombudsman, Mr Michael Buckley, has written to MPs announcing that he proposes to conduct a statutory investigation into the actions of the Financial Services Authority, taken on behalf of the Treasury, relating to the regulation of the Equitable Life Assurance Society from 1 January 1999 to 8 December 2000.  The aim of the investigation would be to establish whether individuals have suffered injustice as a consequence of maladministration by the Authority during that period.  The Ombudsman is sending the Treasury a formal statement of complaint, with an invitation to respond.

The Ombudsman's announcement follows publication of a report by the Authority on their involvement in the regulation of Equitable Life over that period. The Treasury are submitting that report as evidence to the more wide-ranging inquiry into the regulation of Equitable Life which is being conducted by Lord Penrose. The Ombudsman intends to liaise with Lord Penrose so as to avoid as far as possible undesirable overlap between their respective investigations

NOTES TO EDITORS

1.   Report of the Financial Services Authority on the Review of the Regulation of the Equitable Life Assurance Society. HC 244:  TSO: £25.50  ISBN: 0102912580

2.   The Parliamentary Commissioner for Administration (the Ombudsman) is independent of the Government and Civil Service.  The Parliamentary Commissioner Act 1967 sets out his remit, which is to investigate complaints from members of the public, referred by MPs, alleging that they have suffered injustice through maladministration by government departments or certain public bodies.  His investigations must be conducted in private.

The first stage in an investigation is to send the department complained against a summary of the complaint and to ask for their comments.  Once he has decided to investigate, the Ombudsman has wide powers to look at the department’s files and to interview staff.

At the conclusion of an investigation the Ombudsman sends a draft of his report to the body concerned to ask them to confirm that the facts are accurately presented.  If he has found maladministration, he also usually suggests, or asks the department to suggest, a remedy for the aggrieved person.  His aim is to try, if possible, to put that person back in the position he or she would have been in if the maladministration had not occurred.

3    The Ombudsman’s reports are laid before Parliament and published as House of Commons papers.  They are also published on his website http://www.ombudsman.org.uk/.  The Ombudsman regularly reports on his work to the Select Committee on Public Administration. 

4    For further information contact Barbara Batchelor, public relations manager, or Ruth Fry on 020 7217 4077

Parliamentary Commissioner for Administration - Third Report Session 2001-2002

Further information will be reproduced on this site as and when it becomes available.

www.equitable.co.uk

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