REGULATORS GUILTY OF PING-PONG WITH EQUITABLE LIFE VICTIMS

2.00.00pm UTC (GMT +0000) Tue 4th Jul 2006

Commenting on an interim report on the collapse of Equitable Life adopted by the European Parliament, Sarah Ludford Liberal Democrat MEP for London said:

"Many Londoners who faced the devastating loss of their pension investments following the collapse of Equitable Life have been passed from one regulatory agency to another in an attempt to find redress. This ping-pong is unacceptable."

"The challenge now for the European Parliament is to exercise our supervisory powers over EU legislation so we can put this injustice right."

Notes to Editors

British citizens petitioned the European Parliament when the demise of UK insurance company Equitable Life drastically diminished their pension savings. On the initiative of Liberal Democrat MEP Diana Wallis the European Parliament obtained the authorisation earlier this year to set up a Committee of Inquiry to examine the facts and to ensure that European law on regulation of financial services is upheld.