LAWS TO SUPPORT LIB DEM FIGHT FOR EQUITABLE LIFE VICTIMS

David Laws, MP for Yeovil Constituency, will today (Wednesday) vote for a House of Commons motion calling on the Government to properly compensate former Equitable Life policy holders.

The motion, which has been tabled by the Liberal Democrats, states that the Government should accept the recommendations of the independent Ombudsman, who ruled that those who lost out should be properly compensated.

Equitable Life almost collapsed nine years ago after it could no longer afford its financial obligations. In its subsequent efforts to stay solvent, the company chose to cut the value of its pensions, which resulted in policyholders losing significant sums of money. In July 2008, the Parliamentary Ombudsman completed a report into Equitable Life, which found significant cases of maladministration, both within the company and relevant Government departments, and recommended compensation to policyholders who suffered losses.

David Laws MP said,

“Hundreds of thousands of people lost out through the collapse of Equitable Life, and have never been properly compensated. Indeed, over 30,000 people have already died waiting for a resolution to this mess.

“The Government should have accepted the Ombudsman’s report over a year ago, and I hope other MPs will back today’s motion and force ministers  to look at this issue again.

“This needs to be resolved urgently - policy holders have already had to wait far too long.”

ENDS.

Category: MP Press Releases