Mr. Andrew Duff, Member of the European Parliament, has written to the European Commissioner for Taxation and Customs Union, Audit and Anti-Fraud explaining the so-called Spanish Equity Release Scheme (SERS) sold by a number of banks.

In his letter he indicates that a number of banks and investment companies may have allegedly cheated hundreds of retired owners of Spanish property with a tax-defrauding financial product.

Will the European Commission finally step in, take the time to read the deceiptful promotional literature offered by top-tier banks and make a recommendation to the relevant authorities to take action?