Wilson Slams 'Sensationalist' Report

The report investigates the collapse of the PMS in 2008 and follows a visit to Belfast by the committee last month.

The Minister said: "I find it extremely disappointing that the Treasury Select Committee has taken the opportunity today to grab cheap political headlines at the expense of savers in the PMS. It is quite obvious to me that the Committee came to this issue intending to do nothing more than sensationalise what is a very serious subject.

"The Committee has not attempted to be helpful in any way and the report contains a number of inaccuracies, the most distressing being the claim that there is a lack of political will to solve the problem. It also fails to acknowledge the difference between registration responsibilities and regulation - regulation failed and, as the FSA's investigation made clear, the blame for this lies in the first instance with the PMS Board and their professional advisors - in particular, their auditors and legal advisors.

"The Northern Ireland Executive ministers who participate in the Working Group have worked tirelessly on this issue for some considerable time. We have met regularly with PMS savers and the Church to advise them on work being taken forward. Unfortunately much of this work has had to remain confidential to ensure that the Administration process was not compromised.

"The issues involved are very complex with legal, regulatory and commercial sensitivities at the heart of our discussions. Rest assured we are making every effort to secure a fair and meaningful resolution for savers.

"I, and my Executive colleagues, have raised this issue at every opportunity, including during the recent negotiations at Hillsborough Castle and the subsequent meeting held between the First and deputy First Ministers and the Prime Minister.

"For my part, I plan to ask the chairman of the Committee what, if anything, he has done to help the savers of the PMS. Has he made representation to the Prime Minister, the leader of his own party, on their behalf? What representations have his

Committee made to HM Treasury on the topic? Indeed, I would wish to know what strategy for political pressure the Committee has - given the absence of it in their report? I would question where, in fact, there is a lack of political will.

"I remain committed to securing a satisfactory resolution to this issue for the savers in the PMS. However, if there was an easy solution to the problem, we would have found it already.

"I am extremely disappointed at the content of this report and see it only as a distraction from the important work we are currently engaged in."