Equitable Life Boss Interrogated at a European Parliament Special Committee

The CEO of the controversial Equitable Life Assurance Company, Charles Thomson was today questioned by members of a European Parliamentary Special Committee.

The Special Committee was set up by the European Parliament to investigate the financial collapse of the company which has snatched away the savings of thousands of British, Irish and German pensioners.

Action Group representatives, together with individual citizens, laid out the claims against the company, which included: charges of fraudulent misrepresentation, high pressure selling, refusal to disclose relevant information and downright cheating.

Questioned by Sir Robert Atkins MEP, Deputy Leader of the Conservative Delegation in Brussels, John Bowis MEP and Neil Parish MEP, the petitioners told of trauma, mental and physical distress and the loss of a secure future.

Sir Robert said:

"Their anger and concern was very evident and provoked Members into a fierce interrogation of the CEO, Charles Thomson. He was asked about his substantial salary, his complacency over the losses of many policyholders, his conflicting replies to different petitioners and his intentions regarding the future of the company.

It is already quite apparent that the British regulatory system has been at fault and that Equitable Life undertook actions that should have been stopped much earlier. There are lessons to be learnt here and the European Commission must act to reform the system."

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