Equitable Life policyholders will receive the justice they deserve - (02.07.10)

The new Government has confirmed that it will fulfil its pledge to make fair and transparent payments to Equitable Life policyholders for their relative loss as a result of regulatory failure through an independently designed payment scheme.

The previous Government asked former Lord Justice of Appeal Sir John Chadwick to provide independent advice on losses suffered by Equitable Life policyholders due to Government maladministration. This report will now be published in mid-July.  The new Government will be publishing a detailed update alongside this report, setting out the next steps towards implementing the payment scheme.

While the design of the scheme will be developed by an independent commission, the new Government has confirmed two key points: that there should be no means testing; and that the dependants of deceased policyholders should be included in the scheme.

Responding to this news, Bob said:

“I have lost count of how many Equitable Life victims have contacted me in desperate need of the fair compensation they are entitled to. My long-held view is that the last Government acted disgracefully in this matter.  It sought at every stage of the process to block, frustrate and delay justice. 

 “I am delighted that my colleagues in the new Government have stood by the commitment we made in Opposition to implement an independently designed scheme that is simple, fair, and transparent. I know that they are working extremely hard to address the situation as quickly as possible, and I look forward to my constituents receiving the recompense they deserve.”