MEP Welcomes European Action On Equitable Life

27 October 2005
Scottish National Party MEP Alyn Smith has today welcomed the European Parliament's decision to take action over the collapse of Equitable Life.

There are policy holders with Equitable Life the length and breadth of Scotland, many of whom have been in contact with Mr Smith over their case.

The Parliament's Petitions Committee held a hearing in September for policy holders who lost their savings when the insurer collapsed.

Following the hearings the Petitions Committee has decided to establish a Temporary Parliamentary Committee to investigate the policy holders complaints.

Commenting on the decision Mr Smith said

"This move is very positive. We will have to wait and see what the Committee concludes but this shows the European Parliament acting to address the concerns of people across Scotland.

"I know some of the Scottish campaigners made it to the Committee's hearing and I congratulate them on this result.

"Over 1 million people lost out when Equitable collapsed. This is a very constructive move for them and I look forward to the outcome of the inquiry which will hopefully move this case on and provide some answers to those who have suffered from Equitable Life's collapse. "