Media Stories: 16/11/2002 - International news update - and a request for your help
- Penrose investigation.
At the meeting between
EMAG and the Penrose investigation team this month, Lord Penrose confirmed
that the selling of Equitable Life Policies from offshore centres was part
of his study. He also pointed out that he was also considering the issues
of multiple jurisdiction in such countries as Germany.
EMAG will continue to
press for an early completion date for this investigation and for the results
to be made publicly available.
To ensure that the Penrose
report reflected the reality of the plight of policyholders and did not
become a 'sterile' accounting and legal document, EMAG agreed with Lord
Penrose to supply case studies. We plan to supply two case studies from
international policyholders to show the loss and sense of isolation felt
by many international policyholders.
I therefore urge anyone
who feels that their situation reflects the particular problems of international
policyholders, to access the appropriate section in the EMAG homepage, and
send us details. EMAG will then select cases that bring home the human reality
of what has happened, and relay them to the Penrose investigation team.
- The standstill agreement.
Internationals can still
be included in the standstill agreements of the solicitors, Irwin Mitchell
and Class Law. This agreement was set up in August 2002 to permit completion
of the B&W Deloitte report and subsequent legal debate as to the case
for compensation. International policyholders could access the sites of
each of these solicitors to read up on what this standstill agreement involves
and consider registering.
- The FOS accepts complaints
from Guernsey sold policies.
Since mid September
2002 the FOS has accepted that he has the jurisdiction to hear complaints
concerning policies sold from the Guernsey office. (This decision is probably
based on recognition of the active role played by the ELAS UK head office
in selling and administering these policies).
Now is the time to put
pen to paper and follow the complaints procedure of writing to the compliance
officer at EL (if you have not already done so) and follow-up with a letter
to the FOS in the same way as if you were a UK based policyholder. Details
are held at the www.financial-ombudsman.org.uk web site.
- The B&W Deloitte
report
Irwin Mitchell have
stated that they received a copy of the B & W Deloitte report early
October, together with a copy of QCs counsel's opinion. They are studying
the contents of the documents received and we expect them to express their
views in support of the position of policyholders shortly.
- The inclusion of international
policies into UK legislation and compensation
EMAG is aware that some
international policyholders are worried about the lack of rights to UK compensation
should ELAS become insolvent.
While nothing in life
is certain, "internationals" should be heartened by reading the
reports on the success of the Irish and Spanish policyholders of Independent
Insurance. These groups won their right to UK compensation through the European
parliament's directives on equal treatment for Europeans when buying insurance
products sold outside a member state.
The appropriate links
are:-
http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3GTNRKLZC&live=true
http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3HX63MQVC&live
http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3P7CI5QYC&live=true
As you will read in
these reports, Stephen Alexander of Class Law states that there are similarities
with the Equitable Life situation. The key point is apparently that both
ELAS and Independent Insurance were selling insurance products, and not
services, from the UK.
- Our new web site and
international access
EMAG is receiving a
large number of web page "hits" from a wide range of countries.
These include Australia, Belgium, Brunei Darussalam, Canada, Czech Republic,
Finland, France, Germany, Greece, Indonesia, Ireland, Israel, Japan, New
Zealand (Aotearoa), Poland, Portugal, Saudi Arabia, South Africa, Spain,
Sweden, Switzerland, Trinidad and Tobago, and the United States - so you
are not alone!
We are considering the
possibility of organising regional groups to collate and distribute information.
If you are willing to help, could you send an e-mail to the international
co-ordinator. Through these groups it is hoped to give a better response
service to e-mails from international policyholders, plus to obtain co-ordinated
feedback for the EMAG committee.