EMAG

The independent action group for current and ex Equitable Life policyholders, funded by contributions.

Equitable Members Action Group

Equitable Members Action Group Limited, a company limited by guarantee, number 5471535 registered in the UK

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Vital Reports: 13/09/2005 - Michael Cashman Labour MEP response to EMAG's Petition in E U Parliament

Michael Cashman Labour MEP response to EMAG's Petition in E U Parliament

Michael Cashman, Labour MEP for the West Midlands and deputy chairman of the European Parliament’s Petitions Committee, was the first MEP (of a dozen from ALL political parties) to respond extremely positively to EMAG’s verbal presentation in Brussels on 13 September. After quoting from the preamble to the Third Life Directive, the Baird Report and the Penrose Report he concluded by saying this:

(Verbatim transcript)

"Mr Chairman, I believe just from those selective quotes that there are enough reasons to ask the Commission to look again.

Finally, let me say that the people who have petitioned us were NOT speculating on some gamble or insurance market. I believe they were undertaking responsibilities as citizens which we encouraged them to do and they were taking up what was considered one of the safest investment packages in the industry – that of a pension.

Therefore, I believe there are two ways forward: Pressure through the Courts. We’ve quite clearly heard that that would cost a great deal of money. We have seen other associations go down that route and indeed, until they go through the national Court, they would not even have a case before the European Court of Human Rights.

This is, I think, of SUCH a pan-European nature and affecting over one million citizens, that this warrants the setting up of a temporary Committee of Enquiry.

I believe that this would not prejudice any current investigation carried out by the Parliamentary Ombudsman – and I thank Mr Ogilvie for quite clearly indicating the areas which the Ombudsman cannot investigate and, quite frankly, those bodies CAN be covered by a temporary Committee of Enquiry.

I know some people will go to any length to attack the British Government of any political nature: Let me just say: We have to take the Member State out of the equation. We have to take the different Governments out of the equation and say: “Would ANY Member State be allowed to do this without an investigation from one of the Institutions?” The answer I come to is that, NO, the Member State would NOT be allowed to operate in this way.

We could, of course, indulge in a report. That would take some months. Again, it’s a good option, but I hope such a report would come forward with a recommendation to consider, amongst others, a temporary Committee of Enquiry.

But I would personally like to feel that we should focus quite clearly on the swiftest and most effective approach and that is the setting up of a temporary Committee of Enquiry. Thank you.”