EP Equitable Life committee quizzes UK government and regulators

2.03.52pm UTC (GMT +0000) Wed 21st Jun 2006

The European Parliament's Committee of Inquiry into the collapse of the Equitable Life Assurance Society met today to interview top officials from the UK Treasury, the FSA (Financial Services Authority), the GAD (Government Actuary's Department), and the Irish regulator.

The committee also unanimously approved an interim report by Diana Wallis MEP, author of Parliament's report, which requested an extension for completing its work in order to take account of a report by the UK parliamentary ombudsman in the autumn.

"The UK and Irish regulators present assured the Committee of their governments' compliance with EU law, and of the adequacy of the level of supervision of Equitable. However, they failed to explain how so many policy holders fell through "cracks" in the system. In too many cases, this resulted in a denial of justice, either through complete lack of redress or through the policy holder being cut off by a limitation period," commented Mrs Wallis.

"We must ensure that the supervisory bodies within different Member States are not allowed to continually shift responsibility away from one another."

Diana Wallis' interim report into the Equitable Life affair is available (in draft) at: www.europarl.europa.eu/meetdocs/2004_2009/organes/equi/equi_20060621_0900.htm