According to reports in the UK media, the European Parliament is readying itself to take legal action against the European Commission over its failure to sanction the UK government for its laissez-faire oversight of Lloyds of London.
Following the collapse of the Lloyds insurance market, a two-year probe by the EC revealed nearly twenty years of regulatory failures.
However, the Commission in 2003 withdrew enforcement notices against the UK authorities, arguing that by ending the system of self-regulation and putting the Financial Services Authority in place as overall regulator of the finance sector, the government had acted in line with EU rules.
According to an Independent report on the matter, following the rejection of two petitions to hold the Financial Services Commissioner to account, the European Parliament has decided to force the issue by taking legal action against the EC.
Such a move must now go before the parliamentary president, Josep Borrell Fontelles and the legal affairs committee for approval, but observers have suggested that this is almost certain to be granted.
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