Equitable's ex-bosses face probe

THE Serious Fraud Office will confirm tomorrow that it is continuing to investigate allegations against former directors of Equitable Life.

The inquiry into bosses who were at the helm in the Nineties and presided over the firm's closure for new business in late 2000 has delayed publication of Lord Penrose's damning report into the mutual's near-demise.

The 818-page report is expected to pull no punches. It will criticise former directors involved in overpaying bonuses to policyholders and not adequately providing for the payment of expensive guaranteed annuities.

The report will also criticise the Government and regulators for failing to spot warning signs.