Equitable Life response: too little, too late

ACCORDING to a press release by Conservative MEP Sir Robert Atkins, who instigated the European Parliament's special committee of inquiry into the collapse of Equitable Life in 2006, he feels that the government's decision to heed the calls of MEPs and the UK's Parliamentary Ombudsman by providing compensation is 'too little, too late'.

In an announcement late last week, the government has to agree that some compensation will be made available.  It will set up an independent tribunal to calculate how much savers should receive - leaving concerns of more delays and that only a small portion of the money savers lost will be repaid.

The European Parliament's committee was established on behalf of the 1 million policyholders who lost savings.  Its report blamed regulators who were lamentably deficient in supervising, investigating and regulating the company's operation.  MEPs have yet to receive even an acknowledgement by the government of their report.  Sir Robert has urged the House of Commons to hold government ministers to account and demand immediate action on behalf of those who have suffered financial and emotional distress.

Sir Robert said:- "The European Parliament's report was highly critical of the undeniable failures of supervision and regulation in Equitable Life.  Despite sending our report to the government almost two years ago, we never had the courtesy of a response.

The way this government has treated Equitable savers just goes to highlight once again that it does not value those responsible people who put money away for their retirements.  Chancellor - and now Prime Minister - Gordon Brown has fought tooth and nail to avoid any responsibility for the gross regulatory incompetence that has characterised this financial scandal, and now he wants to set up yet another inquiry to investigate the scale of compensation.

Many families will have to fall back on savings as the recession bites, but for around a million policyholders at Equitable Life, that may not be possible.  Savers have waited the best part of a decade now for proper redress and while the government is right to be offering some compensation, this will be seen by many savers as too little, too late."

Food prices will rise thanks to European Parliament pesticides ban

THE European Parliament has voted to ban a large number of the plant protection products available to British producers, despite a concerted effort by Conservative MEPs to restore some balance and proportionality to the plans.

Sir Robert Atkins MEP, has warned the parliament’s overzealous approach will take a vast number of products off the market.  The ban will reduce yields of a number of foods including carrots, cereals, potatoes, onions and parsnips, whilst pushing up prices for consumers.

Conservative efforts to reject a deal agreed by the parliament and the council of ministers did not achieve the 393 votes required.  On 13 January 2009, a Conservative amendment calling for a full impact assessment on the plans was rejected by the parliament’s services.

Now, the plans could only be stopped by a last-ditch effort by the British government, although over the last several months they have failed to back up their platitudinous opposition with action. 

Sir Robert said:- “This law will drive up the cost of the weekly food shop at the worst time for British families.

We do need strong restrictions on pesticide use but it should be based on sound science, rather than on the whim of politicians.  There has been no balance whatsoever in the parliament’s position.  MEPs have failed to see pesticides as necessary tools in maintaining our crops.  Many of the products on the market today are safe when used correctly, and have been around for years.  Without crop protection products, our food supplies will be volatile at a time when food security is rising up the political agenda.

The Labour government has expressed platitudinous concern about this directive, but it has failed to put the case nearly as strongly as it should have.

It is ludicrous that such a plan would be brought into law without an impact assessment to gauge its consequences.  The only hope we have is for a last-ditch effort by the government to demand we finally get an overall picture of how food production will be affected across the EU.”