Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-07-03-Speech-1-069"
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"en.20060703.13.1-069"2
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"As a company, Equitable Life was in financial trouble for a long time. However, the growing crisis was concealed from policyholders. What is worse, new policyholders were solicited and presented with a false impression of a company with a secure future in which their funds would prosper. The regulators failed.
In 2001, Equitable Life lost a case in the UK that made it impose exit penalties on UK policyholders, though money for Irish policyholders was supposed to be ring-fenced and safe. Despite this, two years later in 2003, exit penalties worth about 20% of the value of Equitable Life policies were imposed on Irish policyholders. The regulators failed.
Since this time Irish Equitable Life policyholders have lost their investment, which in many cases means their life savings. They have been denied justice by the UK, Irish and EU authorities though they are entitled to redress and protection when regulators fail.
Their case has been before this Parliament’s Committee on Petitions for a year and a half. It is time for this Parliament to stand by the victims of failed regulatory mechanisms and to insist that an equitable settlement be finalised for the policyholders of Equitable Life."@en1
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