Equitable treatment? About time too!

12.40.40pm GMT Fri 16th Jan 2009

Diana Wallis MEP with a copy of her report on the collapse of Equitable Life in the chamber of the European Parliament

The author of the European Parliament's report into the collapse of Equitable Life, local Euro MP Diana Wallis, has welcomed the 'overdue' setting up of a compensation mechanism for the many Europe-wide victims of the British insurer Equitable Life.

Writing in the Yorkshire Post the Liberal Democrat MEP says:

"The findings of my own report in the European Parliament published in May 2007, which were likewise confirmed by the UK's Parliamentary Ombudsman, all point to one thing: a decade at least of regulatory failure by the Government.

"The compensation is long overdue given the collapse of Equitable Life started with the House of Lords ruling in July 2000. Yet in all that time no apologies to the victims of Equitable Life have been forthcoming from the Government.

"When it comes to owning up to the decade of regulatory failure, a failure that has arguably made, or is making, the current financial crisis worse in this country than in some of our more prudent European neighbours, the Government has been slow, very slow, in coming forward.

"Equitable victims have been faced with literally years of missed dates and prevarication. It is to be hoped that the Government will now come clean and propose a comprehensive compensation package applicable equally to the UK and other EU investors, a principle of equal treatment also underscored by the Parliamentary Ombudsman.

"Gordon Brown struts the international stage talking the talk about the need for global financial regulation. The strange thing is that in the case of Equitable Life we had the nearest available equivalent to global regulation, that is no less than three European-wide Directives on life insurance. Directives which we, in the European Parliament Inquiry into Equitable Life, found had not been properly implemented by the very same Government which now champions an internationalist approach to the financial world.

"We understand that the Government will respond separately to the European Parliament's committee of inquiry report. We are of course looking forward to this outstanding response."

Ends.

Related Link:

Yorkshire Post 16 January 2009 - At last, will we get equal treatment for victims of the Equitable Life fiasco?