Sir Robert Atkins questions Chairman of European Insurance and Occupational Pensions Supervisors

The Equitable Life Committee held an exchange of views with Bjerre Nielsen, Chairman of the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS), in the European Parliament today.

Members also gathered evidence from various policy-holders and representative groups, with specialist knowledge of life assurance.

All agreed that whilst blame was largely apportionable to the Equitable Life Assurance executives, the regulators were lamentably deficient in supervising, investigating and regulating the operation of ELAS. This led to over one million UK policy holders and more than 15 000 policy holders in Ireland and Germany suffering losses to their pensions, savings and investments.

"The work done and the presentations made were very impressive. This will enable MEPs to question the Commission's role in great detail" commented Sir Robert Atkins at the end of the hearing.

Members were later briefed privately on the intricacies of UK and EU financial and insurance law by leading academics from the British Institute of International and Comparative Law and the Centre for Commercial Law Studies at Queen Mary University, London.

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