EP Inquiry into Equitable Life nears completion

1.21.30pm GMT Tue 20th Mar 2007

Today, Tuesday 20 March, UK Liberal Democrat MEP Diana Wallis, presented her final draft report of the probe into the UK authorities' role in what went wrong at the troubled mutual Equitable Life. The Committee of Inquiry set up by the European Parliament several months ago has heard evidence from a wide range of experts, policy holders, government representatives and others in that time.

The investigation has focussed on whether UK authorities' failed to properly implement EU legislation.

Diana Wallis MEP said:

"This is the first such Committee of Inquiry in 10 years which demonstrates the importance of the issues raised by the failure of Equitable Life across Europe, not just in the UK."

"The report will be critical of the UK government's implementation of EU law in relation to the Equitable Life crisis and will also call on the European Commission to take a more proactive approach to monitoring member state implementation."

"The report will also criticise gaps in the effectiveness of redress systems available to victims in these circumstances, in particular in cross border incidents."

The report was presented in camera at the meeting of the Equitable Committee of Inquiry. It will be open to suggested changes from members of the Committee with a view to releasing the final report on the 11th April ahead of one of the final meetings of the Committee of Inquiry.