Diana's report on Equitable Life approved by the European Parliament

2.00.00pm BST (GMT +0100) Tue 19th Jun 2007

The European Parliament's report into what went wrong at the troubled mutual Equitable Life, drafted by Liberal Democrat MEP, Diana Wallis, has been debated and approved by the European Parliament today in Strasbourg.

The report is the result of months of interviews and investigations by the Parliament's Committee of Inquiry set up in January 2006.

Diana Wallis said in Strasbourg today:

"For the victims of the Equitable Life failure, the report delivers an analysis of the UK's flawed process of implementing EU law which, combined with the imminent report of the UK Parliamentary Ombudsman, should act as a pincer movement and deliver compensation to the victims. Past UK governments, Labour and Conservative, must carry a portion of the blame for this fiasco.

"But this report also identifies a crisis on a truly European scale.

"For the sake of all the citizens affected, we need to be absolutely crystal clear about who is responsible for what when it comes to seeking redress.

"We need stronger and more visible procedures and there must always be the fall-back of affordable legal process across borders. Guaranteeing such rights is essential for the internal market to function properly. In other words: no mobility without liability.

"This report is also a huge jolt to the EU institutions and I hope that the Commission acts properly on its findings. If our recommendations are taken on board, this will enhance the future lawmaking process. What we need is a proactive Commission combined with a watchful Parliament.

Notes:

The European Parliament's report, drafted by Diana Wallis MEP, was approved overwhelmingly (602 to 13) by the full Plenary of the Parliament in Strasbourg today.

It is estimated that more than 1 million citizens across 15 Member States were affected by the crisis. The Inquiry accordingly heard policyholders, regulators and other parties from the UK but also from Ireland, Germany and beyond.

The UK Parliamentary Ombudsman's inquiry has been ongoing since 2004 and has been repeatedly delayed. It is now scheduled for publication in the autumn of 2007. The Government refused to implement the UK Ombudsman's recommendations for compensation last year concerning maladministration affecting more than 80 000 citizens stripped on their pensions.

(Photo shows Diana Wallis MEP along with Committee Chair Mairead McGuinness MEP with a copy of the final report)