The independent action group for current and ex Equitable Life policyholders, funded by contributions.

Equitable Members Action Group

Equitable Members Action Group Limited, a company limited by guarantee, number 5471535 registered in the UK

Media Stories: 30/10/2002 - Alex Brummer in the Daily Mail writes: Superwatchdog lacks bite
30 October '02 - Alex Brummer in the Daily Mail writes:

Superwatchdog lacks bite.

There was a vain hope, with the creation of City super regulator the FSA, that Britain would have a more streamlined, more efficient client system of financial policing.

But the FSA's performance over Equitable Life and now the split capital trust fiasco does nothing to inspire confidence in the ability of the authorities to deal with financial injustices in a speedy and open way.

As far as Equitable Life is concerned, the shortcomings of the FSA, still in its infancy when Equitable closed its doors, were recorded in the Baird Report a year ago.

Twelve months on, Equitable policyholders are no closer to knowing who was responsible for their plight as the Treasury's Penrose investigation drags on and the Parliamentary Ombudsman Sir Michael Buckley bales out with his job unfinished.

Now we learn that when, and if, Lord Penrose completes his work, parts of the report may never be published for legal reasons. This has the smack of bureaucratic backsliding. That is bad enough for a Government which sought to improve City regulation.

But it is unconscionable in that so many of those affected by Equitable's collapse are elderly and cannot wait around while the wheels of justice turn so slowly.