Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-06-19-Speech-2-054"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2007-06-19"^^xsd:date2
dcterms:Is Part Of	lp_eu:Crisis at Equitable Life – Report by the temporary committee of inquiry (debate)2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20070619.5.2-054"2
lpv:hasSubsequent	lp_eu:2007-06-19-Speech-2-0552
lpv:speaker	lp:John Purvis2
lpv:spoken text	"Mr President, many investors, including pensioners, suffered losses in the bear market between 2000 and 2003. The difference in the case of Equitable Life was negligence. The actuarial function was neutralised, and the business model was akin to riding a wobbly bicycle: so long as they kept selling they could just keep upright. But when the music stopped, what then? It amounted to a selling machine cashing in on centuries of respectability but which was in fact a house of cards, built on shifting sand and known to be such by Equitable Life management and by the regulator. So how did Equitable Life get away with it? They were operating under an EU Directive which was supposedly policed by the responsible UK Regulator. The Regulator knew the foundations of Equitable Life were ramshackle but hoped against hope that all would come right with time, or else a white knight in shining armour would buy them out. Therefore, the selling was allowed to continue long after it should have been stopped. Why did they allow a management structure where the statutory actuary was also the chief executive? Why did they allow Equitable Life to go on selling at home and into other Member States when they were the responsible home regulator and were fully aware of Equitable Life’s condition? This is not just a sad tale; it is a tale of negligence. It is just not acceptable for Member States to exonerate their regulators from negligence if the country of origin and the home/host system of regulation is to work in the European single market for financial services. Commissioner, you must insist in future, in particular in Solvency II, that Member States and their regulators are fully liable for negligence. Member States cannot be allowed to exonerate them from this liability."@en1
lpv:spokenAs	member; EPP-ED (2004-07-20--2009-07-13)3 unknown; Scottish Conservative and Unionist Party (2004-07-20--2009-07-13)3 member; Delegation for relations with Iran (2007-03-14--2009-07-13)3 substitute; ITRE (2007-01-31--2009-07-13)3 member; Delegation for relations with the Mashreq countries (2007-03-14--2009-07-13)3 vice-chair; ECON (2007-02-01--2009-07-13)3 substitute; Delegation for relations with the Gulf States, including Yemen (2007-03-14--2009-07-13)3
lpv:unclassifiedMetadata	"John Purvis (PPE-DE ). –"1

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