22/12/2006 - EQUI: Testimony on 23rd November
The public session in Brussels on 23rd November heard evidence from Charles Thomson, Scottish journalist Simon Bain and European Commissioned Charlie McCreevy. Read the verbatim transcript here.
The Q & A session with Charles Thomson led to an interesting discussion afterwards on the Motley Fool on how “economic” Mr Thomson had been with his answers.
Subsequently, Simon Bain wrote of his experience in The Herald.
Simon’s most interesting presentation, primarily on the subject of Drawdown mis-selling by ELAS can be found at item 72 here.
Commissioner McCreevy did a good “snow job” on how the EC couldn’t possibly be held responsible! Click here.
22/12/2006 - EQUI: Latest written evidence
On the EQUI website’s written evidence page there have been several new submissions that make remarkable reading. In particular we refer those interested in the behaviour off the FSA to items numbered: 74, 75 and 76
Click here
Simon Bain commented on the senior Counsel’s opinion (Anthony Boswood QC) – item 76 – in the Herald on 19th December.
22/11/2006 - Fraud or failure in the 1980s?
The EQUI website is a mine of evidence and information, click here to visit.
There’s a new written submission there at item 69 from Michael Josephs which claims that Equitable falsified its performance figures throughout the 1980s, as extracted from the regulatory returns. The paper can be found on the EQUI website here.
12/10/2006 - Brussels hearing 4th October
MEPs heard evidence from EMAG’s international director, Leslie Seymour. He gave an incisive presentation that focused blame tightly on the regulators and the European Commission. See his extensive written submissions at items 52, 53 and 54 on the EQUI site here.
Hear Leslie’s actual 40-minute presentation to MEPs here (mp3 file).
Also Liz Kwantes of the Equitable Members Support group presented on the subject of the contemptuous treatment by the UK government of the PO report on failed occupational pension schemes. Hear he actual presentation, accessed from the face page of the groups website at: http://www.equitablelifemembers.org.uk/
12/10/2006 - EQUI to London and Dublin
On Monday 16th October, 10 of the 22 MEPs on the EQUI Inquiry team will have a very busy day in London. They’ll be meeting Ed Balls of the Treasury, Callum McCarthy of the FSA, Walter Merricks of the FOS, Ann Abraham PO and John McFall of TreasCom. But their day starts with meeting every member of EMAG’s 10-strong board.
On Friday 6th October, 10 MEPs took evidence in Dublin from policyholders and regulators. EMAG’s new chairman, John Newman FCA was there. The main item of news was that the regulators have refused to make public their exchanges. So much for transparency.
Click here for more information. and click here.
03/08/2006 - EQUI Inquiry in Brussels 11th July
The sixth evidence-taking session took place in the Brussels Parliament on Tuesday 11th July (five more are planned in 2006). Evidence was heard from ex-ELAS Rep from Bristol Richard Lloyd. Also, some-time advisor to the FSA and managing director of Annuity Direct, Stuart Bayliss – who has been embroiled in the Equitable Life saga since 1997 - gave a well-informed industry point of view. See the full transcript here.
EMAG has and will endeavour to attend all of the evidence sessions and continue with dialogues with interested MEPs.
The EU Parliament’s helpful website has the following invitation: “Any citizen, institution or organisation wishing to submit written evidence for the purposes of this Committee of Inquiry can do so by sending it to the following email address:
IP-EQUI@europarl.europa.eu or by fax to: 00 32 22 84 49 04
See, by way of example, John Vinall’s critical of the FSA submission at item 43 (PDF download)
30/06/2006 - UK press reaction to EU EQUI report delay
The interim report by Rapporteur Diane Wallis MEP to the Parliament, flagged that the EQUI report will need more time, into 2007, to enable MEP’s to read and digest the PO 2 report. Press coverage in The Sunday Times, Telegraph and BBC assumed, incorrectly, that this would be regarded as another blow for policyholders.
30/06/2006 - EU June 21st session
Despite the claimed independence of the Government Actuaries Department (GAD), the FSA and The Treasury, senior officials from the three bodies sang from the same song sheet in the testimony they gave in front of MPs. The GAD, Christopher Daykin, seemed to come from a different planet. The FSA’s director for Insurance, David Strachan, became increasingly uncomfortable under questioning and became monosyllabic. Only The Treasury’s Clive Maxwell remained silky smooth. Read the verbatim transcript on the EQUI website and see the formal submissions.
As the finale to a heavy four-hour session, Burgess Hodgson’s Colin Slater brought a welcome and frank dose of reality to the proceedings. Read Colin Slater’s written submission. Colin’s verbal evidence was adapted to address some of the comments of the UK regulators and is well worth reading.
Colin's verbal evidence was adapted to address some of the comments of the UK regulators and is well worth reading when it becomes available on the EU EQI website soon.
09/06/2006 - 9 June - '06 - 29th May
This session was of great interest to WP annuitants. Read the evidence of Peter Scawen.
It is well worth reading the transcript, particularly of Peter Scawen who gave evidence first, followed by a Q & A. And also the discussion in the last 10 or so pages.
09/06/2006 - The EU Inquiry
The session on 21st June in Brussels will be particularly interesting in that UK regulators from the Treasury, The GAD and the FSA will be giving evidence, along with the Irish regulators.
The Inquiry’s website is becoming a source of several very helpful documents, including transcripts, written submissions dates and agendas, here.
Written evidence here.
Take time to read the written submission from the FOS, who have thus far refused to commit to attend!
03/05/2006 - EU evidence session on 25 April
This session comprised of five investors giving evidence to the committee of 22 MEPs about their losses, sense of injustice and who they held responsible. This was followed, in sharp contrast, with an extended session with Equitable Life’s CEO, Charles Thomson. Despite a reasonable expectation that the mutual’s chief executive would speak in favour of the case for compensation of investors for regulatory failure, quite the reverse happened. Mr Thomson characterised the witnesses as “opportunistic”. He dismissed the idea that Equitable had been a Ponzi (or Pyramid selling scheme) with a wave - that it couldn’t have been, because it never traded whilst insolvent. He attributed all losses to the market, other than the GAR. He did, however, admit that there HAD been over-distribution of assets in the 1990s. The overall impression Thomson gave was that everything had got steadily better since he was made CEO in March 2001 (!), with a regrettable setback in the failure of the Society’s dropped litigation claims which cost members £45m. He stopped short of admitting collusion with the regulators but said: “I do not deny for a moment that there has been close co-operation.”
His evidence went a long way to undermining the sincere witnesses that had given evidence. He took with him Neil Fagin, the senior partner of solicitors Lovells, at some considerable expense. Some members may wish to question Mr Thomson’s motives at the forthcoming AGM:
HEAR Charles Thomson’s formal presentation (mp3).
Read Nic Bellord’s presentation on behalf of the late Arthur White (Pdf).
Read Paul Weir of ELCAG’s submission, primarily on the suggestion that there was collusive behaviour by the FOS and FSA (Pdf).
Click here to see ALL the evidence statements on the Inquiry’s website at;
Read the verbatim transcript of the entire session, including the fascinating extended Q & A of Charles Thomson (starting p 21 of 28) (Pdf).
Read Reuters coverage here.
Read the EU Parliament’s own press coverage.
21/04/2006 - The EU Inquiry update
The EU Temporary Committee of Inquiry website has recently yielded several valuable new documents
There’s the agenda for Tuesday 25 April, which will see half a dozen of the most articulate Irish and UK investors, as well as Charles Thomson, CEO of Equitable, giving evidence. There’s also the succinct minutes of the 23rd March meeting. More revealing is the PDF transcript of the whole proceedings. The following session will be on Bank Holiday Monday 29th May, when German investors, amongst others, will give evidence. Paul Braithwaite will attend both of these sessions and is working with the secretariat in providing ancilliary information. Thus far, the FOS has declined to commit to attend.
31/03/2006 - EMAG to EU 23rd March
EMAG was invited to Brussels to be the first to give evidence to the 22-strong MEP committee of Inquiry into the Equitable. In a three hour session, chaired by Irish MEP Mairead McGuinness, EMAG and the European Commission presented and took part in an extended Q & A.
The chairman of EMAG, Tom Lake’s formal presentation took 35 minutes. Read his text here (PDF).
Or listen to his speech, if you have Media Player software.
Here is the text of the Commission's formal presentation which followed (PDF).
Here is a link to the Parliament’s official coverage.
And Reuters
A full transcript of the whole session, including the Q &A’s, will be lodged here when completed
27/02/2006 - The new EU Committee of Inquiry’s into ELAS - first meeting
The committee met for the first time on 21st February to determine its modus operandi. Read the full detailed report. The EU Inquiry’s first meeting about modus operandi.”)
The Irish chair is reported as saying: "Our starting point must be with those who experienced the difficulties so we can understand the problems," the committee of inquiry’s chairwoman, Irish centre-right deputy Mairead McGuinness, told Reuters.
The inquiry will report in a year’s time, after an interim report in the spring. It will look at whether Britain failed to apply EU life insurance directives when deciding if policyholders had a right to compensation.
See Reuters 21st February 2006
Apparently, the EU single market Commissioner Charlie McCreevy will be invited to give evidence:
26 February 2006 Louise McBride, The Irish Sunday Business Post
13/01/2006 - EU Parliament proceeds
Great news from Brussels: The Conference of Presidents on 12 January 2006 confirmed the remit for a Committee of Inquiry into ELAS to be comprised of 22 MEPs, drawn from all political groups, to be named on 19 Jan.
See EU official announcement
Also Reuters
IFA Online
