THE EUROPEAN Parliament is to hold a formal "committee of inquiry" into the Equitable Life debacle following fierce campaigning by policyholders, reports this morning's Daily Telegraph .
More than 200 MEPs have signed a petition proposing an investigation into Equitable after a million people saw the value of their retirement savings and investments slashed, and on the back of this, the parliament's "conference of presidents" has backed their request. Campaigners says the official report into what went wrong highlights failures which contributed to investors losing around £4bn. LOBBYING BY THE Equitable Members Action Group has forced the investigation, as Paul Braithwaite, the EMAG’s general secretary, argues the official contents of the government-commissioned Penrose...
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