Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-07-03-Speech-1-060"
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"en.20060703.13.1-060"2
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"Mr President, as the person chairing the Committee of Inquiry, I can reassure Mr Mote that those witnesses who did not answer
be back – we have a guarantee! I would urge the members of the committee to sharpen their interrogating skills and we will get answers, because that is a priority. I would say to my eloquent friend, Sir Robert Atkins, that, whilst he described me and the rapporteur as roses, we intend rather to be thorns in the side of the system, because there is something rotten here. People have been badly burnt and the system has failed them.
We have heard from all the petitioners of the disasters suffered by individuals. I agree with the rapporteur that this interim report is something of a distraction, but an important one just the same, because it will awaken Members of this House to the importance of detail. We vote here, we go home and we forget that in a couple of years the votes we take here are implemented in Member States. Sometimes we get it wrong as legislators and I think Equitable Life might yet prove that.
We have not reached any conclusions yet, but one thing we have established is that the regulators were playing games of ping-pong with policyholders. It is important to thrash out the rights of the host country and the obligations of the home country.
In my view, there is a key question to be answered. Some say they know the answer, but I have not come to any conclusion. Who knew of the difficulties in Equitable Life and when? Were others notified? In other words, were Member States’ regulators in other countries informed as soon as possible? Is it not the case that the directives, as they are implemented, would not allow a regulator to reveal confidential information that might dissuade a policyholder from investing in companies with problems like Equitable? That is a key question.
Beyond the work we are doing today, there is no doubt that Equitable has left a sour taste for the losers and others who are watching events unfolding and it does nothing to help those who are trying to encourage citizens to invest in pensions. What we find out from our investigation will be key for the future. Everyone tells us that with Solvency II life will be great in the future, but it will not be unless we get the regulations right.
In conclusion, you can have all the regulation in the world, but if there is not a committed individual watching and guiding for all the Member States, it will amount to nothing. Finally, who is regulating the regulators? Is it the Commission?"@en1
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