Equitable Life: Government May Have Case To Answer In Europe

10.30.24am GMT Wed 10th Mar 2004

Vince Cable MP, Liberal Democrat Shadow Chancellor, responding to the decision by current and former policyholders of Equitable Life to submit a formal complaint against the UK regulatory authorities to the Commission of the European Communities, said: "It is unsurprising that policyholders wish to take this matter to the European Union, where the British government may well have a case to answer."

"It's clear that the Government presented an extremely selective account of the Penrose Report, carefully shifting responsibility onto the company and the previous Conservative administration."

"But there were several quite specific failures in the regulation by government which could reasonably be said to amount to negligence."