Ombudsman finds maladministration
THE UK Parliamentary and Health Service ombudsman, Ann Abraham, has found successive UK insurance regulators guilty of maladministration and failure to exercise their powers in their supervision of Equitable Life for the 10 years or so leading up to the introduction of the Financial Services and Markets Act 2000 (FSMA) in December 2001, reports Jonathan Goodliffe, a solicitor specialising in insurance regulation.