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Government told to pay over Equitable Life scandal

A damning report accuses the government and the Financial Services Authority of maladministration and of failing to regulate the Equitable Life Assurance Society has called for thousands of policyholders to be compensated.

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TORCUIL CRICHTON, Chief UK political correspondent

A damning report that accuses the government and the Financial Services Authority of 10 charges of maladministration and of failing for more than a decade to regulate the Equitable Life Assurance Society has called for hundreds of thousands of policyholders to be compensated.