Supplementary written evidence submitted
by Derek Lynn on behalf of members of the PMS Savers Lobby Group
Northern Ireland
I am writing to you on behalf of members of
the PMS savers Lobby Group to thank you and your Committee once
again for the Public Hearing at Stormont on 18 January 2010. PMS
savers are most appreciative of your interest in the plight of
the PMS and fervently hope that your report, following the Hearing,
will provide much needed impetus in the efforts to find a satisfactory
solution for savers.
Like you, PMS savers believe that there has
been a total lack of political will and urgency on the part of
both the UK and NI administrations thus far in seeking to resolve
the PMS crisis and that there has been an abject failure in the
regulatory framework which has contributed significantly to the
situation in which savers find themselves.
We were encouraged however to hear Arlene Foster
go on record both at the Public Hearing and in subsequent press
interviews that she stood ready to do all she could to help and
that she, along with Finance Minister, Sammy Wilson remain totally
committed to seeking a successful outcome for PMS members. While
I have no reason to doubt the sincerity of Ms Foster's statements
I am not convinced—based on the position she has often articulated
publically absolving DETI for any official oversight of the Society
and on the evidence of my post—Hearing conversations with
senior DETI officials that they still do not accept that there
was any regulatory "gap"—that her Department has
the propensity, ingenuity or expertise to negotiate a satisfactory
solution for PMS members. It is also not clear specifically who
is in the lead with potential banks and the Administrator in seeking
to find a solution.While a cross-departmental approach is important,
the present arrangements lack transparency, accountability and
focus, as has been amply demonstrated by the ineffectiveness of
the Ministerial Working Group whose report after nearly seven
months of deliberations is—and still remains—long
overdue with no final delivery date attaching to it.
It is therefore imperative that PMS members
clearly know which NI Department (be it DFP or DETI) is leading
the negotiations in order to ensure momentum, confidence and accountability
in driving the process forward and that achievable timetables
are set against which progress can be monitored and that this
"pass the parcel" process is brought to an immediate
conclusion.
PMS savers are also deeply concerned that given
the enormous political pressures which the NI Assembly is currently
facing, both in terms of dealing with the policing and justice
debate and the tribulations in the First Minister's Office, the
PMS issue will not be afforded the proper priority which it truly
deserves.It is essential therefore that the NI Administration
is adequately supported from Westminster in ensuring that the
necessary expertise and drive needed to achieve a satisfactory
outcome for PMS savers will be provided. I hope therefore that
the Treasury Select Committee's report will recognize these important
aspects and that this will be taken on board by both governments.
PMS savers look forward to your report and hope
that it will - at last - be the catalyst for an early and satisfactory
solution for PMS members.
23 January 2010
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