Equitable Life committee hears from British and Irish financial regulators

British and Irish financial regulators were questioned during today's meeting of the Equitable Life committee in the European Parliament. The regulators were pressed strongly by Sir Robert Atkins on their respective roles.

Special attention was directed at cross-country regulation and the timing of intervention into Equitable Life affairs.

Over one million UK policy holders and more than 15,000 policy holders in other EU countries, including Ireland and Germany, incurred losses to their pensions, savings and investments.

Speaking after the meeting Sir Robert Atkins MEP and Deputy Leader of the Conservatives in the European Parliament said:

"We continue to explore the fault-lines and we are beginning to draw conclusions. The Interim Report will be discussed in Strasbourg in two weeks time and progress will be debated. The inquiry continues."

The Committee heard from the Director for Financial Services Policy at HM Treasury, London; David Strachan, Director for the insurance sector at the Financial Services Authority (FSA), London and Christopher Daykin, Government Actuary, Head of the GAD (Government Actuary's Department), London.

Oral Evidence was also given by Mary O'Dea, Consumer Director; Anne Troy, Head of Insurance Supervision, and George Treacy, Head of Consumer Protection Codes at the Irish Financial Services Regulatory Authority (IFSRA), Dublin.

ISFRA is the Irish regulator responsible for prudential supervision of life insurance companies based in Ireland.

Colin Slater FCA, a partner with Burgess Hodgson also gave evidence. Slater is a specialist in forensic accounting and was responsible for the forensic investigation of Equitable Life’s finances during the analysis of its activities of the past decade.

The Committee voted to adopt the draft interim report, which will be presented to the Parliament at the July plenary session.

Top ↑