MEP speaks in Equitable Life debate
19 June 2007
Following huge losses by investors in Equitable Life, the European Parliament has been conducting an investigation into the scandal. With its Special Committee having now finished its work, the Parliament today debated its report. Participating in the debate, Jim Allister MEP referred to the many Northern Ireland investors who had lost money.
In the course of his remarks Mr Allister said:-
"For many individuals the losses they suffered with Equitable Life were devastating. Promised returns and anticipated comfortable retirements evaporated overnight. To this day they remain the losers.
This Report, though it makes some pertinent points, will effectively do nothing to ease their plight. Perhaps in that there is no surprise, because as a committee of enquiry unable to compel witnesses, it was never going to do more than highlight issues. At best we might help others in the future.
Only the UK Government, by a scheme of compensation can bring meaningful relief to the policyholders. I for one do not believe that more EU control over financial services or meddling in domestic legislation, is the answer. Robust controls and supervision of the sector, with paramount protection for investors, are required, but that must come through national legislation.
Finally, I trust the upcoming Parliamentary Ombudsman's report in the UK will grasp the issues and resist the pressures to whitewash the Equitable Life scandal."
