The Penrose Report
The Penrose report, commissioned by the Treasury in August 2001 and expected in 2002, was finally published in March 2004 after delays due to vetting by Treasury lawyers.
His 818-page report found that the company had made over-generous payouts to policyholders, reaching the stage where "The Society was under-funded to the extent of £4½ billion in the summer of 2001.” (Penrose Report, Chapter 19. parag 82). Penrose stated: "Principally, the Society was author of its own misfortunes. Regulatory system failures were secondary factors". He also accused the former Equitable management team of "dubious" practices and nurturing a "culture of manipulation and concealment". The Penrose Report was debated in parliament on 24 March 2004.
Read more about this topic: The Equitable Life Assurance Society
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“In my utter impotence to test the authenticity of the report of my senses, to know whether the impressions they make on me correspond with outlying objects, what difference does it make, whether Orion is up there in heaven, or some god paints the image in the firmament of the soul?”
—Ralph Waldo Emerson (1803–1882)