29/10/2004 - The new EU Petitions Committee
Unless there is a change in line-up of Commissioners, the 34 member committee will be chaired by a Polish MEP, Marcin Libicki.
One of his deputies will be a West Midlands Labour Party MEP, Michael Cashman. He is 54 and has had a long career in acting. He is an ex Labour Party NEC member with lots of gay and AIDs charity connections.
If any FOOLS are in his West Midlands constituency they might like to
E-mail him: mcashman@europarl.eu.int
The other UK MEPs on the committee are: Sir Robert Atkins, Roger Helmer, David Martin and Mrs Diana Wallis.
15/10/2004 - EMAG met the new PO Inquiry
On 12 Oct three of EMAG's committee met with Iain Ogilvie, the head of the new PO Inquiry, and one of his new investigative team, Eric Soden. This was the last of a series of preliminary meetings with action groups. EPHAG has chosen not to make any representations.
Mr Soden has extensive experience of investigations and has worked in the past for Ann Abraham (the PO), when she was Legal Services Ombudsman. EMAG is 100% supportive of this comprehensive new study, despite the unresolved litigation through EMAG's Judicial Review, which sought to have set aside the first report into ELAS by the office of the PO.
Iain Ogilvie, who was in charge of the SERPS investigation for the PO, was at pains to assure EMAG that no member of the investigative team now being recruited had ANY part in the study published 30 June, 2003.
The two hour meeting was felt to be constructive.
15/10/2004 - ELAS Interims
Equitable Life interim accounts to 30 June, 2004 were published recently. Once again, EMAG committee member (and accountant) John Newman has prepared a commentary on the reports limitations. Click here to read the document.
15/10/2004 - EMAG's submission to Paul Myners
EMAG made a formal submission to the review of governance of Mutuals, commissioned by The Treasury in the wake of the Penrose Inquiry report. The submission was written for EMAG by its ex chairman, Alex Henney. Download the 51 page report.
01/10/2004 - Culpability Brown?
Gordon Brown was interviewed by John Humphreys on the Radio 4 Today programme on Sept 27. His evasive comments on pensions so incensed EMAG's Paul Braithwaite that hev was moved to write to the Daily Telegraph. Click here to read it.
16/09/2004 - Andrew Tyrie retains Tory brief for ELAS
There have been changes in both the government and the Tory front benches. Andrew Tyrie wrote to EMAG on Sept 14 that he has retained personal responsibility for Equitable Life and he will be briefing the new shadow chief secretary to the Treasury (marking Paul Boateng), George Osborne.
This is " a good thing" for ELAS policyholders because Andrew has shown a tenacity and understanding greater than his predecessors.
For example, on whether GAD could be added by negative statutory instrument RETROSPECTIVELY, he ran rings around Ruth Kelly - who was made to eat her scoffing words in the Commons on March 8 and 23rd and she rescinded in late April. Also, Tyrie's submission to the PO in May was exemplary and acted as a paradigm for Dr Tony Wright's most effective submission on behalf of the Public Administration select committee.
16/09/2004 - The revised rectification scheme
17,000 Equitable annuitants have been sent Rectification offers by the Society over the past few weeks but many pensioners are confused by what they are being asked to sign.
"The offers fall a long way short of the complete restitution that some people were offered from the first scheme before Equitable unilaterally abandoned it," said Peter Butler from the group. "
The Guardian Sept 15
Click here to see the press release
Equitable said: "We believe that the Rectification Scheme offers fair compensation and we have taken advice from legal experts and actuaries not linked to our organisation to make sure that is so."
Retired trust solicitor Nicolas Bellord has commented: "The first Rectification Scheme was approved by the retired Law, Lord Browne-Wilkinson ,and an actuary, Mr Hairs, as independent commentators. One wonders therefore to what Equitable is referring by 'advice from legal experts and actuaries not linked to our organisation to make sure that is so' and who these experts and actuaries were."
10/09/2004 - Stephen Timms replaces Ruth Kelly at The Treasury.
Ruth Kelly has been this government's minister responsible for Equitable Life. Three years ago, she defined the very careful remit for Lord Penrose, which excluded the judge from addressing culpability (hence compensation). Her reporting to Parliament of what Lord Penrose's 800-page report contained was a travesty which has only served to increase voter cynicism about the callous and manipulative ability of this government when it seeks to avoid cost of correcting injustices (see also ASW steelworkers being offered just £20m pa for 20 years as a sop).
EMAG will shed no tears at the passing of Gordon Brown's most loyal acolyte to the Cabinet Office. Responsibility for ELAS now falls to Stephen Timms, who has been a junior minister in The Treasury before, in 1999. Read about Stephen Timms here.
The Guardian's comment on Sept 10 on the realignment.
17/08/2004 - The ELAS rectification scheme
Many ELAS policyholders are being obliged to take a decision on a rectification offer in a very short window with little by way of help to hand. There is a useful new paper that has been prepared by retired solicitor, Nicolas Bellord, to help recipients of recent offers. Neither Bellord nor EMAG are authorised or qualified to give advice but this paper is a valuable background briefing. Click here for more information.
21/07/2004 - GAD is In!
The minister for the Cabinet Office, Douglas Alexander, announced that the Parliamentary Ombudsman's jurisdiction would be extended to include the Government Actuary's Department, enabling her to conduct a full investigation into Equitable Life.
This is a much-welcomed outcome of a year of campaigning for EMAG, with enormous contributions from both the Tories and the LibDems and achieved despite Labour party whips doing all possible to bury the Equitable Life scandal. Also achieved despite the scurrilous opposition of Gordon Brown's Treasury team and the disappointing representations made by the FSA's new chairman, Callum McCarty.
Press coverage:
23 July '04 - Investors hail full inquiry into Equitable
23 July '04 - Equitable hopes get new boost
23 July '04 - Equitable: Government Actuary to be quizzed
23 July '04 - GAD role in Equitable reassessed
23 July '04 - Ministers back Equitable inquiry
16/07/2004 - The FSA annual meeting 15 July
A rather dull affair with 500 of the captains of the financial services industry present, but little press presence. Click here to read Paul Braithwaite's impressions.
09/07/2004 - EPHAG met the board of ELAS
On June 17 three of EPHAG's four committee members met directors on ELAS. Here are the approved minutes
09/07/2004 - Complaint to the FSA about rectification
A thoughtful submission from ELTA's Peter Butler
06/06/2004 - Equitable Policyholders in Germany
30,000 policies were sold in Germany. A group to represent them has been formed and can be contacted at: http://www.dagev.de
06/05/2004 - Equitable's principles and practices
All life companies were required by the FSA to publish a comprehensive document explaining their own modus operandi by April 30th. Download Equitable. Alternatively, you can telephone: 0870.901.0052 (the Society's call centre) and ask for a paper copy to be sent by post. It makes very glum reading, particularly for trapped with-profits annuitants.
18/03/2004 - Norwich meeting of W P annuitants
More than 200 policyholders attended and supported a militant agenda which included calling for Ruth Kelly to resign.
Click here to read report
11/03/2004 - EXCLUSIVE: EMAG letter and Report to Gordon Brown on Compensation
On November 30th, EMAG wrote to Gordon Brown to offer to help the fair allocation of compensation to ELAS policyholders and to suggest a way forward. Enclosed was EMAG's 21 page report from Burgess Hodgson proposing a robust and simple methodology of how to treat different classes. Receipt of this report has never been acknowledged by the Treasury, despite them having been the sole recipient to date.
See letter to Gordon Brown (PDF File)
See the report on compensation (PDF File)
27/02/2004 - Reasons Why Equitable Is Unique
In March EMAG published a list of 10 reasons why Equitable Life is unique. It is important not to let these attributes be forgotten. So, here's the list as a reminder: 10 reasons why Equitable Life is utterly unique: (No, it was NOT just the GARs and the stockmarket!)
Click here to read.
27/02/2004 - Early Day Motion 176
Thus far 162 MPs have signed Dr Ian Gibsons EDM. Is your MP amongst them?
If not, why not use "faxyourmp.com" to prompt your MP?
27/02/2004 - Norwich meeting for Equitable sufferers Tuesday March 16th
Click here to read more.
29/01/2004 - ELTA: Equitable Life Trapped Annuitants
A typical quote from ELAS from ELTA's website:
An annuitant has received a letter dated 7 Jan 2004 from the Client Servicing Centre at ELAS:
Although the basic annuity does remain guaranteed the Society felt it was appropriate to remove the word 'guaranteed' as our members did not feel the word guaranteed reflected the fact that the guaranteed annuity reduces on each anniversary. The guaranteed annuity cannot be reduced by any other means than that written into the policy
Click here for more information.
15/01/2004 - The excellent new Dr.Nassim report:
ELTA has kicked off with an impressive coup. The comprehensive report by Dr Michael Nassim is very worth careful scrutiny. Click here to read it. Interestingly, it is congruent with EMAG's recently published "Alternative Penrose Report".
15/01/2004 - Annuity calculations and bonuses explained
The annuity expectations for 1994 are, supposedly, explained in a new leaflet:
Click here to download the leaflet (Pdf)
The Society produced a useful explanation of bonuses in 1993:
Click here to download (Pdf).
08/01/2004 - Tom Lake is EMAG's new chairman
EMAG is pleased to announce that its longest service committee member, Tom Lake, has been elected chairman. He takes over from Colin Slater, who remains on the committee and is thanked for his sterling service to the membership. Tom most recently completed supervising EMAG's complex Petition to Europe. The appointment is with immediate effect.
