MEPs blame Britain over Equitable Life debacle

A EUROPEAN Parliament report into the Equitable Life debacle, where a million people lost savings and pensions, blames the British government’s light-touch regulatory system.

It also found that the reputation of Equitable Life as one of the oldest and most established firms in the world meant the regulators did not pay sufficient attention to what was happening in the company.

About 6,500 Irish people were among those that lost close to €2 billion, six years ago, when the company also collapsed.