The European Parliament has reached an agreement to begin drafting a decision to set up a committee to look into the case of British insurance company Equitable Life.
The committees draft mandate will be to asses whether the UK regulators consistently failed to protect policy holders as well as whether the European Commission properly monitored the application of Community law and EU legislation in the UK.
Over 1m UK policy holders and more than 15,000 policy holders in other EU countries incurred losses to their pensions, savings or investments following the alleged mismanagement at the insurance company.
The decision to set up a committee requires endorsement by the full Parliament at the plenary session on January 18 in Strasbourg.
Equitable Members Action Group chairman Paul Braithwaite says: We have been speaking to MEPs since 2004 and we are very pleased about this development. This shows that MEPs are willing to engage with policy holders with what has been a deep-seated will of Government to sweep this injustice under the carpet. It is a refreshing example of MEPs proving value to citizens.