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Eastbourne & Willingdon Lib Dems

Equitable Life policy holders ask for support

August 26, 2008 12:00 AM

SL head and shoulders shotCurrent and former Equitable Life members have been contacting local parliamentary campaigner Stephen Lloyd, asking for his support for compensation, following the EU and Parliamentary Ombudsman's recommendations the regulatory authorities were negligent over many years.

Stephen commented: "I appreciate local residents concern over this important issue. The harsh fact is that the two most recent reports on the Equitable Life scandal - by the Parliamentary Ombudsman and by the European Parliament - make very disturbing reading. It's crystal clear that many Equitable Life policy holders lost money as a direct consequence of government regulators failing to keep a close scrutiny on the company, and act on the risks and problems that they had or should have identified."

He added: "There's been a complete and repeated failure of regulation spanning more than a decade. The outrage expressed by policyholders over this 'serial regulatory failure' is entirely justified. Many people in Eastbourne and Willingdon have been let down by regulators, have suffered financial loss as a result and are now, quite legitimately asking for compensation. The Government must accept the Ombudsman's recommendation that 'wrongs should be remedied'."

"Our shadow chancellor, Vince Cable MP, has been pushing for compensation for a long while and this recent report will, hopefully, force the government to take responsibility."

The General Secretary of the Equitable Members Action Group, Paul Braithwaite, recently wrote that: "Only the Lib Dems, under Vince Cable's constant vigilance, have been consistent in support of the cause of treating Equitable Life sufferers fairly. Pensioners have fared very badly under Brown's stewardship and it's overdue that the Government, having been found guilty of maladministration of Equitable by Lord Penrose, by the European Parliament and now the Parliamentary Ombudsman - must own up and pay up."

END