12 January '05 - Minutes of the 41st Meeting of the EMAG Committee

1. TL, recently unanimously elected as EMAG's chairman by the committee, proposed a vote of thanks to Colin Slater for his extremely effective work for EMAG as chairman. TL also proposed the election of JN as deputy chairman. Both proposals agreed unanimously.
   
   
2. TL proposed that LS be co-opted (for the second time) onto the committee, with a specific focus on non-UK policyholders and European issues. This was agreed unanimously.
   
   
3. The monthly report from the Treasurer (not present) was signed by all the committee members present. At the present time EMAG has in excess of £50,000 unfettered funds.
   
   
4. CS and PB reported on the press briefing held earlier in the day to high-light EMAG's concerns over the pressure being exerted on the FOS by ELAS, to refuse to consider any complaints arising from the findings of Lord Penrose, and to present EMAG's response to the "Fact Sheet" and covering letter sent by ELAS to the FOS. The briefing was well attended by journalists from the more broadsheet press, and reasonable press coverage can be expected from them. EMAG website will provide links to all key relevant papers and to Burgess Hodgson's technical paper.
   
   If the FOS agrees to consider "post-Penrose" complaints, EMAG could co-ordinate such complaints made by its members. This would make it simpler for both the complainants - unfamiliar with such procedures - and for the FOS, which could deal with all similar complaints through a "lead case" methodology, a route they have followed with ELAS late-joiners, rather than by individual adjudication. EMAG could administer a personal service for an admin fee tbc. At present the FOS charge ELAS £360 per case file that it opens.
   
   The EMAG committee thanked NB for his major submission to the FOS, which focuses on the legal flaws in ELAS's position.
   
   
5. Committee thanked JN for his clear and helpful paper - introduced by JN - on the pros and cons of EMAG converting from its present status as an unincorporated association to that of a company limited by guarantee. Many consequences would flow from such a change. After a brisk discussion the committee asked JN to continue work on the matter, and to submit a proposal for EMAG to be incorporated.
   
   
6. TL introduced a discussion on how EMAG should work with MPs in all the major political parties, in the context of an early general election in 2005. Relations with several senior MPs are already strong, but there is scope for developing further contacts and for seeking assurances from the parties, and the candidates prior to the election, regarding their views both on the honouring PO 2 Investigation's recommendations on the reform of the regulators. TL to draft a paper covering these points.
   
   
7. EMAG fully supports the PO's new enquiry, has already supplied much evidence to it, and has recommended 12 of its members as suitable "lead cases" for investigation. It was agreed that, whilst the core evidence is already with the PO, there is scope for EMAG providing further evidence on some points. For example MN will submit a note on his experience, as director of a life insurance company, of the regulatory regime during the 1990s. Submissions by March 1.
   
   
8. CS reported on the preparation of a possible complaint to the Institute and Faculty of Actuaries against one of its members on grounds relating to the provision of inadequate or misleading information to the members of ELAS. Committee approved a budget of up to £1,000 to develop.
   
   
9. Europe. LS will seek to organise translation of the EMAG Petition into German. PB to liaise with Chris Huhne MEP on progressing Petition. LS will prepare a proposal for lobbying MEPs and seek to engage with contacts in the Republic of Ireland and Holland. EMAG committee agreed to encourage members throughout Europe to write to their MEPs to support EMAG's petition, number 29/2005.
   
   
10. AOB: PB reported on the despatch of an experimental mailing to ELAS policyholders. TL and PB to meet with LibDem shadow front bench 17 Jan. No date set for next meeting.

Chris Carnaghan and Paul Braithwaite
18 January, 2005