MEPs have endorsed the interim report of the Committee of Inquiry into the crisis of the Equitable Life Assurance Society, which asked for its one-year mandate to be extended by three months.
The EU Committee was established in January to investigate the way in which UK regulatory authorities applied relevant European Council directives and assess allegations they “consistently failed to protect policy holders” by not supervising accounting and provisioning practices at the provider as well as its financial situation. Its interim report published by Liberal Democrat MEP Diana Wallis, a member of the 22 member investigating committee, asked for more time because the UK Parliamentary Ombudsman report into the same issue is not due to be published until November. Anne Abrahams, ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
