EMAG’s Equitable Life Petition to Europe to be heard in September.

While Equitable’s hugely expensive case for compensation from 15 former directors and ex-auditors Ernst & Young must be preoccupying management, EMAG has called on Equitable's board to be as helpful as it can to EMAG's petition to the European Parliament, which seeks to hold the British government to account for failing to protect citizens.

The Petitions Committee is taking the unusual step of inviting all involved parties including the UK government, the Parliamentary Ombudsman and the Society to its mid-September hearing. EMAG maintains that the British government was in breach of EC law for more than a decade and has consistently and scurrilously turned its back on providing remedy or redress.

In an addendum to be lodged this week to its Petition EMAG will emphasise the very narrow remit of the Parliamentary Ombudsman, excluding as it does the Conduct of Business half of regulation, and also the recent refusal by the Financial Ombudsman Service to look at Equitable complaints, thus closing off another route to remedy that had been previously been held out by the Treasury.

EMAG’s chairman, Tom Lake:

“It’s not surprising that the Equitable feels obliged to deny the evidence that it caused its policyholders loss, but the least the board can do is to avoid obstructing the EMAG Petition to Europe. The remaining policyholders have been very tolerant of a board which has been obliged to bring them bad news at every turn but I believe that they would never forgive a board which scuppered this excellent avenue to compensation.”

For further information:

Paul Braithwaite,
General secretary of EMAG Ltd