Local Lib Dem Euro MP in bid to lead Equitable Life probe

12.00.00am GMT Sun 19th Jan 2003

Local Lib Dem Euro MP, Diana Wallis, has been nominated by her Liberal group to be the author (rapporteur) of the probe into the UK Government's role in what went wrong at the troubled mutual Equitable Life. This follows yesterday's announcement of the setting up of a committee by the European Parliament and its approval today, Thursday, by the full Parliment in a vote.

The investigation will focus on whether the Government failed in its role as regulator to protect policyholders. An interim report will be published after 4 months with the final report available in 12 months.

Diana Wallis will have to be confirmed as author of the report by the committee members at its inaugural meeting.

Diana Wallis MEP said:

"More than one million policyholders across the EU had incurred losses to investments, pensions or savings after alleged mismanagement.

"Whilst the failure of Equitable Life has already been subject to several investigations in the UK, we believe that there are EU issues that need confronting. Did the UK properly implement EU law so that there was effective regulation? Was the loss caused to citizens across the EU attributable to that failure and is there or indeed should there be redress mechanisms available in this situation?

"All options are open at the moment and I look forward to tackling this issue on behalf of the many citizens who have petitioned us."