Why Penrose was correct to say no to compensation

Leader

The publication of the Penrose report last week brought little direct interest to most independent a...

The publication of the Penrose report last week brought little direct interest to most independent advisers - unless you have clients currently invested in, or who used to be invested in, Equitable. But the report does raise a number of key issues - the continuing one of confidence and trust in the industry and the thorny issue of compensation. In our view Lord Penrose was spot on when he made no recommendation for compensation. Let's be clear, while we all may feel sorry for Equitable policyholders who are currently living on smaller annuities than they were five or 10 years ago, many wi...