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Post-briefing item
 

Equitable Life - Committee of Inquiry mandate extended

Petitions - 10-07-2006 - 15:20
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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 (i.e. to April 2007) to enable it to take account of a report by the UK Parliamentary Ombudsman which is due for publication in November.

 
The committee is investigating the crisis at Equitable Life, which resulted in major financial losses to over a million policyholders, mainly in the UK but also in Ireland and Germany. MEPs have so far heard evidence from British, Irish and German policyholders' representatives, the CEO of Equitable Life and the UK and Irish regulatory bodies.  The interim report, by Diana WALLIS (ALDE, UK), simply updates MEPs on the work of the committee and calls for its investigation to continue.