MEP's have recently voted in favour of an inquiry into the Government's handling over the Equitable Life mess. If found at fault, the Treasury could be forced to pay up to £10 billion in compensation.
A statement released by the European Parliament stated 'Over one million UK policyholders and more than 15,000 policyholders in other EU countries incurred major losses to their pensions, savings or investments following alleged mismanagement at Equitable Life.
The question has arisen as to whether the relevant EU legislation was properly applied in the UK'. The Treasury has refused to comment.
Our view
Everybody is looking for a scapegoat! Government, regulators, auditors and Equitable Life directors must all take some responsibility.
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