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The Equitable Life scandal has turned into a saga – it’s now decades since the facts emerged. Those facts are well-known: dubious practices were rife at Equitable Life. There was, as Lord Penrose put it, a culture of “manipulation and concealment”. The FSA’s 2001 report from Ian Glick and Richard Snowden showed as much as did the Treasury’s 2004 report. All of these showed lessons to be learned both in terms of corporate culture in financial services and in terms of the state’s role in overseeing the sector sufficiently. Everyone acknowledges the company was primarily at fault, but the State...
