13 Sept Press Release (post the hearing):
MEPs to champion EMAG’s European cause.

EMAG today presented its appeal to the Petitions Committee in the European Parliament in Brussels to an extremely concerned and positive reception. In an extraordinary display, almost the entire committee spoke passionately in support of EMAG’s petition. EMAG had submitted that the UK had been in breach of EC laws for more than a decade and there had been chronic regulatory failure. Further, that for five years the British establishment has perpetrated a cynical stitch-up, leaving one million policyholders with a £4bn hole in their pensions savings that the Treasury and its pals have ignored, with disastrous consequences to confidence in the industry and its regulators.

MEP after MEP rose to back action against the deplorable desertion of policyholders left to swing in the wind by the UK regulators. In an unprecedented display of solidarity, MEPs from ALL UK parties spoke up, none more vociferously that Labour’s Michael Cashman and Phillip Whitehead – in stark contrast to the eerie silence that has characterised Labour’s MPs. Liberal Democrat Diane Wallis was effective and gave enthusiastic support for Cashman’s ground-breaking proposal for the extraordinary measure of setting up a special Temporary Enquiry Committee, which was also endorsed by Tory Sir Robert Atkins. The wider question of: “Who regulates the regulators?” was raised by Liberal Democrat Sharon Bowles. Seven Irish MEPs gave this Petition their wholehearted endorsement, joined by Christian Democrat MEP, Reiner Wieland, who spoke for 4,000 German investors.

Equitable Life was notable by its absence and lack of support. However, the Parliamentary Ombudsman’s Investigation Manager, Iain Ogilvie, took the time to attend. He stripped away the Government’s and the Commission’s lamentable use of the PO as a human shield. Ogilvie spelled out in detail exactly what the PO cannot look at – including the FSA, any aspect of EC law, the conduct of business half of the regulatory regime and the Society itself.

An elated Tom Lake, EMAG’s chairman said:
“MEPs have recognised that UK regulation was out of line with European Law. They know that personal pension provision is vital for Europe’s future and are determined to see that things are put right.”

ENDS