Equitable Life

Members of the European Parliament's Petitions Committee met today to debate the question of whether the British government had failed in its implementation of EU directives on life and non-life insurance, in particular in relation to the regulation of the Equitable Life group.

Sir Robert proposed the Committee adopt a two pronged approach to their investigations. Firstly he called on the Conference of Presidents to allow it to establish a Temporary Committee of Enquiry, with a deadline of 3 months, tasked with investigating the extent to which regulatory supervision was properly conducted on the part of the British Government whilst at the same time tabling Oral Questions with debate in both the Internal Market and Consumer Protection Committee and also to the Economic and Monetary Affairs Committee.

Sir Robert stated "It is the role of administrators to define boundaries' and to operate within them which can often lead to buck-passing and it is the job of politicians to break down boundaries in order to allow redress of grievances." He went on to emphasise the importance of swift actions being taken with the Petitions Committee acting as the driving force to bring about a resolution that would be to the benefit of the 100,000 EU citizens that had had their net savings torn away by the fall in the value of Equitable Life's with-profit pension policies.

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