The European Parliament is to investigate the Equitable Life debacle.It is setting up a committee with a draft mandate to assess whether the FSA consistently failed to protect policyholders and whether the European Commission properly monitored the application of EU legislation by the UK Government. Treasury officials could be called to give evidence on their role in the Equitable debacle and the “alleged contraventions or maladministration in the implemen-tation of Community law”. Over one million UK Equitable policyholders and more than 15,000 in other EU countries incurred losses to their pensions, savings or investments. The decision to set up a committee requires endorsement by the full European Parliament at a plenary session this week. The team of 22 will have 12 months to complete its report, with an interim report expected in four months’ time. A report is also expected from the UK Parliamentary Ombudsman this year on any culpability by the Government in regulating the life company. Equitable Members ‘Action Group chairman Paul Braithwaite says: “We have been speaking to members of the European Parliament since 2004 and we are very pleased about this development. This shows that MEPs are willing to engage with policyholders 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.” The FSA was unable for comment.
Recommending critical-illness cover on the basis of price means that clients are missing out on some useful features and benefits, says CBK principal Peter Chadborn
Sir Richard Branson has garnered millions of column inches in the media over the years, positive and negative in equal measure.
Rathbones has appointed James Maltin as investment director to manage private client portfolios.
Scottish Equitable and Scottish Equitable International are offering a set of aids for adv- isers to help them determine inheritance tax liability. The information packs will contain a series of stages that advisers can use to establish their clients’ needs and dev- elop a trust solution for the client’s circumstances. Stage one will highlight if […]
It was only a matter of time before The Pensions Regulator (TPR) started to issue escalating penalty notices, and that time has come. In its latest compliance and enforcement bulletin1, it lays out the powers it has used so far: These figures should come as no surprise to anyone in the corporate market and there […]
- Top trends
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
It is encouraging to see the FCA close in on lazy fund management, but more needs to be done Without fanfare, the FCA has confirmed its intention to punish lazy fund management. Several groups have been persuaded into voluntarily compensating investors who bought their beta-posing-as-alpha products, otherwise known as closet trackers. The regulator suggests that […]
Ex-GBST man and FinoComp chief executive Ray Tubman on the need for a brave new world of interoperability Platforms running on proprietary technology often see this as a competitive advantage, even if it is expensive to run. But ex-GBST man and now FinoComp chief executive Ray Tubman does not believe outsourcing is the poor relation. […]
Ahead of speaking at Money Marketing Interactive in May, founder and director of The Yardstick Agency Phil Bray gives tips on how advisers can improve their public image and why the FCA should rethink their plans for the register On a scale of 1 to 10, how optimistic are you about the advice market for […]