The independent action group for current and ex Equitable Life policyholders, funded by contributions.

Equitable Members Action Group

Equitable Members Action Group Limited, a company limited by guarantee, number 5471535 registered in the UK

Press Releases: 11/05/2005 - On PO 2 and Internationals

EMAG Press release: Good news for foreign investors in Equitable.

In November 2004 EMAG pressed the Parliamentary Ombudsman for clarification on whether the second Investigation's findings, due before Christmas, will relate only to UK investors. The written answer indicated that any investor who purchased a policy outside the UK would probably not be included but a new letter from the PO to EMAG (9 May 2005) conveys that the Treasury has confirmed that any finding WILL now embrace ALL international policyholders.

EMAG's general secretary, Paul Braithwaite:

"EMAG has spoken up for these investors at the European Parliament and we welcome this apparent reversal by the Treasury. However, the letter from the Parliamentary Ombudsman also spells out the narrow remit of the second Investigation and makes vivid by its exceptions EMAG's case for the EU to hold the UK Treasury to account for failure to provide investor protection and adequate remedies required by EC law."

More than 15,000 non-UK investors are affected, the majority being in the Republic of Ireland, Germany and other EU states, plus more than one million in the UK - who have suffered losses of over 3bn, which EMAG maintains are down to negligence by regulators, not stock markets.

The PO's letter (9 May, 2005) from Iain Ogilvie, Investigation Manager, is available on EMAG's website at: www.emag.org.uk

For further information: Paul Braithwaite