EU backs damning Equitable Life report

After a debate held in Strasbourg, France on Tuesday, members of the parliament voted in favour of the report’s condemnation of the UK's light touch regulation policy and its deference to the life firm’s reputation. Equitable Life had to close to new business in 2000 after it emerged it could not honour its policies, slashing the value of customers' life savings. The report, drafted by Liberal Democrat MEP Diana Wallis, was the result of months of interviews and investigations by the Parliament’s Committee of Inquiry. Following the vote, Wallis says: “For the victims of the Equitab...