The role of the FSA, conduct of business regulations and European law will all be questioned by a special committee being set up by the European Parliament to investigate the decline of Equitable Life.
Paul Braithwaite, general secretary of the Equitable Members Action Group, says he is “extremely pleased” the committee is being set up because it is going to consider issues which previous UK-only investigations have systematically failed to incorporate or consider sufficiently. In particular, the UK’s Parliamentary Ombudsman was actually precluded from properly investigating the role of the FSA - and its predecessor regulators the Treasury and the Department of Trade and Industry - with respect to the actions of Equitable, Braithwaite says, which led to the company closing to new busine...
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