Emag marches to European court

The Equitable Members Action Group , (Emag) a representative group formed from Equitable members and policyholders, has signed a petition requesting the Commission institute legal proceedings, on the grounds of negligence by the UK Government in its regulation of the insurer and for not implementing a number of European directives under EU law. A House of Lords ruling in 2000 forced Equitable Life to compensate over a million policyholders with guarantees on their pensions. According to Emag, losses amounted to £3bn following a build up of failed regulations over a 15-year period, forcin...