EQUITABLE LIFE MEMBERS
LETTER TO WELSH MPs 17 Oct 2002
17 October 2002 - Letters have been sent by Harry White to the 4 Plaid Cymru M Ps and the 3 Welsh Labour M P s who signed the Parliamentary early day motion on Equitable Life raised by Roy Beggs M P. Also to The First Minister National Assembly of Wales and the Leader of Plaid Cymru. He has also written to his M P and stated that although she failed to sign the early day motion that on this occasion she supports us Harry hopes that you all write to your M P in the same vein - we must keep up the pressure.
You will be very aware that many Pension and Life policyholders have suffered as a result of the Equitable Life debacle and since the society has been closed to new business face an uncertain future.. .
Many policyholders live in Wales and meet together to discuss matters and who, like the majority of members, are all convinced that in the Equitable affair there was a serious serial failure of member protection by the government regulators.
The victims in Wales, together with thousands of members throughout the U K, have complained to the Parliamentary Ombudsman to extend the date span of his Investigation and not to hide behind Penrose - so far without success. It is now nearly 12mths since he started his limited investigation of the FSA, when it latterly assumed the role of regulator, and still no report.
We see no reason, whatsoever, for the P M delaying an extension of his investigation into members legitimate complaints back to 1988, using Penrose as an excuse. The terms of reference and purpose of Penrose are entirely different to the role and duty of the Ombudsman and victims should not have to wait for ever to receive a speedy investigation into their just complaints. Even without benefit of Penrose there are a number of legal, organisational & academic opinions in the public domain, many of which have been obtained at the expense of the dwindling with profits fund and there should be no excuse for the P M failing to mount an immediate investigation back to 1988.
In the past you have kindly routed my personal complaints to the P M but on this occasion I am writing for Welsh Equitable Life victims
I was disappointed that you did not sign Roy Begg’s EDM on Equitable Life but now you may consider sending a letter to the Parliamentary Ombudsman expressing you support for the Equitable Life Members combined Action Groups and the Equitable Board in the request they will be making to the of the Ombudsman on the 29th October which is the Anniversary of the start of his very limited Investigation.
That is, that he extends the scope of his investigation NOW into the performance of the successive regulators preferably from 1988 or at least from 1994 until the closure of the Society to new business and to desist from delaying his response to members complaints of serial regulatory failure until the Penrose Report is completed.
The combined Action groups will be presenting an anniversary cake to the PO (decorated with PO please help). This will take place on Tuesday 29 Oct at 12.00pm on St Stephens's Green outside the House of Parliament and will be backed by The Consumers' Association, The Equitable Life Assurance Society and M Ps from all parties
If you do send a supportive letter to the Ombudsman I would appreciate you sending me a copy so that I can communicate your support to the action groups and particularly to Welsh policyholders.
If your schedule should allow you to be present at the presentation it would indeed be highly appreciated
For more detailed information on the presentation please contact Liz Kwantes Equitable Life Members Help Group E-mail Address : firstname.lastname@example.org