UK MEP Secures 'Committee Of Enquiry' to investigate UK Government's Regulatory Failure of Equitable Life

9.47.54am BST (GMT +0100) Wed 14th Sep 2005

Commenting on today's hearing, in which Equitable Life policyholders urged the European Parliament to force the UK Government to pay compensation for regulatory failure, Liberal Democrat European Petitions spokesperson, Diana Wallis MEP said:

"Commission claims that 'UK law is now in conformity' offers little comfort for the many small policy-holders up and down the UK, and elsewhere in Europe, who were dependent on their savings with this company."

"We must get to the bottom of the UK Government's failure to implement these directives and ensure proper regulation. The EP Petition's committee has agreed with my proposal to establish a temporary committee of enquiry.

"Whilst the full remit is to be established the committee should also be charged to learn how we can improve future enforcement procedures to deliver proper and prompt redress to Europe's citizens.

"This petition goes to the very heart of people's trust in the European political process. The petitioners are coming to us to ask for the proper enforcement of EU law."