Allegations fly at Equitable Life inquiry

The inquiry into the regulation of Equitable Life, currently under way in the European Parliament, heard strong allegations about the UK’s implementation of EU insurance directives recently. Michael Josephs of the Investors’ Association said he believes that the UK’s regulatory authorities failed to correctly transpose any of the three EC Life Directives that should have applied to Equitable Life. He made several allegations during his evidence, which he says has been collected by the Investors’ Association over a period of years. One of the most serious allegations saw Mr Josephs attack the insurance industry, which he says has “covered-up” the truth of events at Equitable Life. “It appears more than probable that the whole insurance establishment has colluded with the Society to suppress the key facts of how the Society was weakened in the 1980s and who then benefited from what had been done”, he said.