Members of the European Parliament have today voted to set up a committee to investigate the actions of both government and regulators in respect of the troubles at Equitable Life.
The 22 members of the committee will be announced tomorrow, and will have one year to carry out their role before reporting back to Parliament. According to the committe's mandate it will investigage "the way in which the UK authorities applied the relevant Council directives, examine whether the European Commission properly monitored the transposition of Community law and assess allegations that UK regulators consistently failed to protect policy holders by rigorous supervision of accounting and provisioning practices and of the financial situation of Equitable Life." A statement by the...
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