IS AN END IN SIGHT FOR EQUITABLE LIFE POLICYHOLDERS?

12.00.00am UTC (GMT +0000) Thu 19th Jan 2006

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

Sharon Bowles Liberal Democrat MEP for the South East today became a full member of the European Parliament committee of inquiry on 'the demise of the Equitable Life Society' which is estimated to have affected around one million policyholders.

Sharon Bowles said "This committee has been a long time coming, and I am delighted that we will be finally able to get to work".

"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, to expose past failings, and to ensure they do not happen again".

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

"The Parliament had no choice but to act. Our investigations must delve deep into areas where others may have feared to tread - to ensure that a full, fair and independent review takes place. If a proper job is done and other bodies are willing to cooperate there is no reason why we cannot get to the bottom of this once and for all".

Ends