13/12/2007 - Angry EU reaction to UK’s contempt
The President of the European Parliament, Hans-Gert Pöttering, wrote to Gordon Brown on 5 December 2007 asking the Prime Minister to "ensure that the authority of the Parliament and of its right of inquiry………… are not prejudiced by the lasting lack of formal response by the British Government".
On 11th December the EQUI rapporteur, Diana Wallis MEP, issued a statement that the UK’s lack of response is totally unacceptable:
Speaking in response to the UK Parliamentary Ombudsman's further postponing of the publication of her report into Equitable Life, and the British government's continued refusal to respond to the European Parliament's resolution on the issue:
"It is both immoral and illegal for the government to leave so many Equitable Life policyholders without a remedy. I cannot accept the fact that the European Parliament faces the prospect of waiting more than a year between its report on the crisis at Equitable Life, and any formal response by the government most concerned by it.
The European Commission provided a clear and detailed response to us earlier this autumn, but so far there is not even an acknowledgment from the British government.
Such a stance is all the more surprising following the prompt rescuing of Northern Rock. I will make sure the Petitions Committee of the European Parliament, to whom several Equitable policyholders came for redress in the first place, takes this matter up once again."
See the European Commission’s response. Read coverage in Money Marketing 11th December 2007
09/11/2007 - The Pru deal approved
At an EGM in Westminster about three hundred WP annuitants attended a lengthy EGM which went smoothly under the professional chairing of Vanni Treves. Predictably, when the voting was announced 98% had approved the proposed sale. Ity remains for the FSA to publish its views and then a High Court hearing on 26th November to ratify.
19/10/2007 - EMAG’s 7th AGM
About 100 EMAG members attended the two hour AGM meeting, with nine of 10 EMAG directors present. Two key presentations were well appreciated:
1. A senior partner at Bindmans, John Halford, who acts for the OPs that succeeded in their JR and were rewarded with an appeal against by the DWP, gave a 20 minute talk. He was able to explain the heart of the matter and the ever-changing submissions of the DWP and WHY the case is significant to PO2's reception. Stephen Grosz, who is retained on EMAG's account as Bindman partner responsible, was also present. See a precis of John Halford’s presentation.
Colin Slater gave a presentation fleshing out his BH report into the Pru WPA takeover proposal and, along with EMAG's chairman John Newman, he answered very many subsequent questions. See Colin Slater’s summary slide presentation.
Judging by the members present warm praise afterwards, EMAG's efforts are very much appreciated.
24/09/2007 - The EU Parliament’s reaction?
The Treasury has confirmed that it has no current intention to respond to EQUI, despite the delay to the PO report until next year. This displays a breathtaking contempt for Brussels. EMAG has written, in the wake of Northern Rock, to urge MEPs in the EU Parliament to protest and pressure the UK to think again. The Conservatives in Europe are supportive:
See here and here.
03/09/2007 - The FSA’s annual meeting
For the sixth year in succession EMAG made a strong representation at the annual FSA beanfeast on 19th July and introduced, per usual, notes of disquiet. Both EMAG’s Paul Braithwaite and academic Chris Harlow raised awkward questions about EQUI, the FSA, the FOS and Lord Neill. These were backed up by written questions from EMAG’s Chris Carnaghan and paul weir. All questions and answers have now appeared on the FSA’s website. Read them here.
18/07/2007 - European Parliament EQUI debate and vote
EMAG’s Tom Lake and Paul Braithwaite were present for the realisation of the Petition that they had lodged with Brussels in December 2004. It was a triumph for EMAG. 605 MEPs from ALL the major parties voted to adopt the EQUI report and just 10(including UKIP’s MEPs) voted against. Read the reports main Conclusions and Recommendations.
The quality of the debate was impressive, with absolutely outstanding contributions from Rapporteur Diana Walli,s plus Sir Robert Atkins, Sharon Bowles and Neil Parrish in particular. Read the full transcript here.
Dowload a PDF file of the whole 385 page EQUI report.
18/07/2007 - Press coverage of EQUI
The official EU Parliament press release summarised the debate and vote. The British quality press gave extensive coverage to EQUI’s damning report. In particular, the Financial Times, The Guardian, The Telegraph and, as ever, Simon Bain in The Herald. Read the articles.
18/07/2007 - Kitty Ussher MP
In Chancellor Alistair Darling’s new Treasury line-up, the Economic Secretary to The Treasury, Kitty Ussher (MP for Burnley), takes responsibility for the PO report into Equitable (and the FSA). EMAG sought an early meeting with her, which was politely declined. Read Ms Ussher’s biography.
20/04/2007 - FOS receives EQUI dossier
EMAG prepared a 60 page dossier of extracts from the EQUI draft report and the evidence submitted about the FOS, and Paul Braithwaite presented a hard copy of it in person to the FOS’s chairman, Sir Christopher Kelly, on 18th April. The finished EQUI report is expected to be published on 9th May and to confirm recommendations of material changes to the FOS.
20/04/2007 - TV programme on EQUI
Earlier this year the European Parliamentary Channel commissioned the making of a seven minute TV News programme into the EQUI Inquiry. It contains interviews with chairwoman Mairead Mcguinness and Rapporteur, Diana Wallis, as well as explaining the losses incurred by a typical German investor. Well worth watching. Click here for more.
05/04/2007 - EMAG rebuttal of FOS
EMAG was outraged by the confusing, contradictory and self-serving evidence of the FOS to EQUI, whilst it refused to participate in the public evidence sessions. In particular, the written evidence from the FOS at items 89 and 90 could not pass by without a rebuttal. Click here to read more.
Read Chris Carnaghan’s response for EMAG on the EQUI website now, at item 91.
26/03/2007 - EQUI’s closed session 20th March
This closed meeting was to consider EQUI’s first draft of its report. The final public session in Brussels will be held on 11th April, which EMAG will attend. The Rapporteur, Diana Wallis MEP, did make some “on the record” encouraging comments afterwards. Click here to read more.
26/03/2007 - EMAG Postscript to EQUI
On 23rd March, EMAG sent an update to EQUI, covering the developments of the last two months. No new submission to EQUI will be considered after March 31st.
Download EMAG's sumbmission.
12/03/2007 - EQUI transcript
The final public evidence giving session of both Lord Neill and EMAG’s Paul Braithwaite has now been published on EQUI’s website.
The EQUI website has a number of new written submissions, including a controversial new exchanges between EQUI and the FOS at item 90.
24/02/2007 - Lord Neill’s Report to EQUI on the FOS
Lord Neill’s Executive Summary and full report are downloadable from the EQUI website at items 86 and 83.
The Neill report gave rise to very poor press for the FOS: See the full page article by Liz Dolan in the Sunday Telegraph. There was also a lively exchange of views in a live discussion on Radio 4’s Money Box on 3rd February between the FOS’s spokesman David Creswell and Paul Braithwaite of EMAG.
