As stated in the Consumer Panel's Annual Report 2001/2:
"The Equitable Life crisis resulted in major consumer detriment and raised serious questions about the past regulation of the company and of the life industry in general.

We asked Equitable Life to write directly to policyholders rather than rely on newspaper adverts, which they did. We also urged the FSA to take a more active interest in the way that Equitable Life was dealing with complaints. Our later research suggested that policyholders did feel that the information from Equitable Life improved over time. We called for an investigation of the whole history of the regulation of Equitable Life. We were pleased that the Treasury did this, although there was some delay before the investigation was established (as the Penrose Inquiry).

The FSA review of insurance regulation (the Tiner project) must deliver a new regime which will prevent firms from giving misleading information to the regulator and to the public. This must also ensure that FSA staff are equipped and empowered to challenge firms which are seeking to hide their problems.

The Panel welcomed publication of the Tiner Report by the FSA in October 2002, and will now be monitoring the FSA's continued implementation of the agreed improvements."