EQUITABLE LIFE: A STEP IN THE RIGHT DIRECTION

12.00.00am UTC (GMT +0000) Tue 13th Sep 2005

Sharon Bowles MEP outside European Parliament Offices discussing the problems of Equitable Life policy holders

Liberal Democrat MEP and Economic Spokesperson Sharon Bowles today gave her full support to representatives of Equitable Life policyholders at the first hearing of the Equitable Life petition at the European Parliament.

Sharon Bowles said "I am delighted that the Petitions Committee agreed to support the establishment of a temporary committee of inquiry. Although the full remit of the committee is yet to be confirmed, I am sure this will give some comfort to those who have so far been treated so unfairly."

"I am equally pleased that my suggestion to pursue the issue of enforcing financial regulation with the Economic and Affairs Committee gathered much support".

"The UK Government has a duty to regulate and supervise financial services legislation properly, and to ensure the proper implementation of EU directives. In turn the European Commission must act if member states are seen not to be doing so".

"If the EU is to have any credibility over legislation it will have to stop cowering before national governments and act in the interests of those it is here to protect - EU citizens".

"One million policyholders are estimated to be affected by the collapse of Equitable Life, and the Commission is too concerned about burying its head in the sand than ensuring that a full, fair and independent investigation takes place".

"The European Parliament has made a step in the right direction but there is still a long way to go".

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