Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-06-19-Speech-2-031"
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"en.20070619.5.2-031"2
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"Mr President, this report and this debate are more relevant to the real concerns of many of our constituents than many debates held in this House. There are many individuals for whom the losses through the collapse of Equitable Life were quite devastating. Promised returns and anticipated comfortable retirements evaporated overnight, and to this day it is these individuals who remain the losers.
This report makes a number of pertinent points, but on its own it can do very little to ease the plight of those who have lost money. Perhaps that is no surprise, because the Committee of Inquiry was unable to compel witnesses to appear and thus it was never going to be able to do more than highlight the issues and, at best, perhaps help others in the future. Only the United Kingdom Government, through a compensation scheme, can bring meaningful relief to the policyholders, of whom there are many in my constituency.
I 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, and that must come through national legislation and strict regulatory oversight.
Finally, I trust that the forthcoming report by the UK’s Parliamentary Ombudsman will grasp the issues and will resist the pressure that it is under to whitewash the Equitable Life scandal."@en1
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