EURO MP: "UK 'LIGHT TOUCH' REGULATION ON EQUITABLE LIFE INCOMPATIBLE WITH EU LEGISLATION?"

1.00.00pm BST (GMT +0100) Thu 12th Oct 2006

Diana welcomed by the AGM of the Equitable Members Action Group

MEPs investigating the crisis at mutual giant Equitable Life are due to take evidence in London on Monday 16th October.

Ahead of this visit of the delegation to London, British Liberal Democrat MEP, Diana Wallis, spoke at the AGM of the Equitable Members Action Group on Thursday 12th October.

Diana Wallis, the author of the report into the company's collapse which is due to be published early 2007, said after of the meeting:

"From all the evidence that the Committee of Inquiry has heard to date, two recurrent themes have emerged.

"Firstly, the so-called 'light touch' nature of the UK regulation which may not have been compatible with the standards intended by EU legislation and, secondly, the desperate plight of policyholders from other EU countries who have been pushed from pillar to post in the search for redress and justice.

"When we meet people in London next week, we will be probing into this and other issues to see how we can learn from these events which have been personal tragedies for so many.

"We all agree that the smooth functioning of the internal market in financial services is critical for industry and consumers alike. However, as far as service providers are concerned there should be 'no mobility without liability'."