Commenting on today’s [Monday] Public Administration Select Committee Report on Equitable Life, Liberal Democrat Shadow Chancellor, Vince Cable said: “After months of dragging his feet Gordon Brown must now apologise to policyholders and take action to deal with financial compensation.

“In a week when the Government once again delayed its response to Equitable Life policyholders, this report is another damning indictment of regulatory failure.

“The Government should apologise for the years of delay, anxiety and unanswered questions suffered by policyholders.

“Ministers have not only completely failed to regulate properly, but have proven themselves utterly incapable of establishing a proper investigation into this affair.”