Kelly makes statement on Penrose enquiry into Equitable Life

During her statement, the Minister

informed the House that she has commissioned two independent reviews and also requested that

the Accounting Standards Board undertakes an urgent study into accounting for with profits

business by life insurers. Ms Kelly said that Paul Myners will lead a Review into the corporate

governance arrangements applicable to mutual life offices and Sir Derek Morris, retiring

Chairman of the Competition Commission, will lead a Review examining the actuarial

profession.

Link to the Building Societies Association’s press release commenting on the Myners Review:

http://www.bsa.org.uk/PressOffice/Release_040308.asp

Dormant Accounts