The European Parliament has recently voted to adopt an interim report from the Committee of Inquiry into Equitable Life. The committee have asked for more time to complete its enquiry to allow for the publication of the parliamentary ombudsman report in November. The committee has said that Equitable Life policyholders were left with 'nowhere to turn due to a regulatory loophole'. They have also said that they have been 'impressed, angered and even moved by those speaking to us at the committee, and the financial and emotional losses they are experiencing'. They believe that although there was no evidence of negligence or criminal activity on behalf of the regulators, the company had displayed 'benign complacency'.
Our view:
Yet another swipe but nothing solved to help policyholders!