Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-06-19-Speech-2-051"
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"en.20070619.5.2-051"2
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"Mr President, firstly I should like to thank Mrs McGuinness for the very able way she chaired the committee and how she largely managed to keep politics out of the debate. I should also like to thank Mrs Wallis for all the work she has put in as rapporteur on a very complex case. Of course, these are real people who have lost real money. Many had set aside this money for their retirement, for their families, and they have had real hardship due to this crisis. I pay tribute to them for bringing their case here.
Also, of course, you have to remember that Equitable Life was a very long-standing company, so people had great faith in this financial institution. Our own House or Commons in Westminster actually had pensions systems tied up with Equitable Life, so how can you blame anybody for actually putting money into their policies? We had evidence before the committee where there was no doubt that the with-profit policies that were being offered were being offered at too high a rate, and the company could not carry on paying out this money. We had actuaries coming to tell us that the company was basically becoming insolvent if it carried on paying out at such a rate. But yet of course everybody changed at the right time so that when the new company came in and the new management came in, they were not responsible for what happened before.
In a single market people expect recompense when they buy policies in Ireland, Germany or the UK, and does it actually matter whether it is the EU or the Member State that is responsible? What matters is for the people who have had those policies to be recompensed. And that is where I join with Sir Robert Atkins and others in demanding that the British Government look very seriously at recompensing people that have lost real money. Like I said, there is no doubt that we have found that the proper regulation was not carried out.
I recommend this report to Parliament."@en1
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