Anyone under the misapprehension that Labour have been good custodians of the economy and have done a good job for investors need look no further than the EU report in to the Equitable Life collapse in 2000.
The EU highlights that the UK's own regulatory systems failed investors whilst the failure of the government to implement the EU's Third Life Law in to UK law meant that investors were let down again and were not offered proper protection.
Perhaps the most shocking thing was the failure of the UK government to co-operate with the EU investigation. The EU condemned the Labour government and in particular mentioned the list of people who failed to co-operate. These include.
- Des Browne (UK defence secretary, former Treasury financial secretary)
The EU highlights that the UK's own regulatory systems failed investors whilst the failure of the government to implement the EU's Third Life Law in to UK law meant that investors were let down again and were not offered proper protection.
Perhaps the most shocking thing was the failure of the UK government to co-operate with the EU investigation. The EU condemned the Labour government and in particular mentioned the list of people who failed to co-operate. These include.
- Des Browne (UK defence secretary, former Treasury financial secretary)
- Ed Balls (economic secretary to Treasury)
- Callum McCarthy (chairman of Financial Services Authority)
- Sir Howard Davies (ex-FSA chairman)
After the pensions crisis caused by Gordon Brown you'd have imagined that Labour might want to more to encourage people to believe that investing under Labour is a good thing and a safe thing to do. Sadly their actions speak louder than words.
After the pensions crisis caused by Gordon Brown you'd have imagined that Labour might want to more to encourage people to believe that investing under Labour is a good thing and a safe thing to do. Sadly their actions speak louder than words.
1 comment:
People who get converted to the idea of markets without understanding that all markets operate in a framework of laws and regulations are likely to make this kind of mistake, or in extreme circumstances get conned by outright chancers.
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