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MPs lash Davies over Equitable Life failure

FSA chief executive Howard Davies has been lambasted by leading MPs in one of the strongest attacks to date over the regulator&#39s handling of the Equitable Life debacle.

Continuing his testimony before the Parliamentary Treasury select committee on the affair, Davies was told the FSA was bullied around by the old Equitable board and impotent in its attempts to force the life office&#39s management to comply.

Davies was repeatedly accused by committee member Labour MP Jim Cousins of having failed in the regulation of conduct of business standards in the life industry.

Liberal Democrat MP David Laws criticised the FSA for failing to lift a finger to prevent Equitable from continuing to advertise between the House of Lords ruling against it in July 2000 and the decision to close its doors to new business in December of that year.

Cousins told Davies: “You failed as a conduct of business regulator.”

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