Equitable Life scandal: Regulators were intimidated by senior company bosses

Last week the European Parliament adopted the interim report of the Equitable Life committee in which Sir Robert said that he would characterise the behaviour of regulators as 'benign complacency'. It was worse.

Brussels 11th July - Equitable Life regulators were intimidated by company management and not rigorous enough in questioning them, it emerged at the Equitable Life committee today.

Sir Robert Atkins MEP, Conservative member of the Committee of Inquiry into the crisis of the Equitable Life Assurance Society, said:

"Company management apparently brooked no critical inquiries from sales staff. Former senior sales representatives now believe that regulators were intimidated by the long-standing reputation of Equitable Life and culpable in their failure to implement remedial action. This provokes us to consider how effective enforcement of EU regulation must be improved in future."

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