The government has an obligation to "devise and implement" a scheme to compensate Equitable Life policyholders, claims the EU Committee investigating the collapse of the insurer.
In addition the 373-page draft report, unveiled by Diana Wallis, Liberal Democrat MEP and Rapporteur for the Committee, demands the UK government address the shortcomings of the Financial Ombudsman Service (FOS), by improving its capacities and ensuring it is “truly independent of the Financial Services Authority (FSA)”. The report is the result of almost 15 months of work as the 22-strong Committee – chaired by Irish MEP Mairead McGuinness – followed its mandate to investigate “the alleged contraventions or maladministration in the application of Community law in relation to the collapse...
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