The European Parliament's committee of inquiry into the Equitable Life crisis has slammed UK regulators, including the FSA and the Government, for not moving fast enough to prevent the company's collapse.
The committee says the UK's light touch regulation policy and its deference to Equitable Life's reputation allowed the problems at the company to go unchecked. MEP Diana Wallis, who will lead a full European Parliament debate on the inquiry's report into Equitable Life next week, says: " We want to see a strengthening of the UK regulatory regime so there is more early warning. If the regulator forsees a problem they are in a position to act more swiftly and will be able to look much more carefully at what is going on." "Since the crisis occurred much has improved but we cannot afford to ...
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