Many of our most vulnerable residents in Westminster North lost their lifetime’s investment through no fault of their own following the near-collapse of Equitable Life.
A report published by the Parliamentary Ombudsman in 2008 condemned ‘a decade of regulatory failure’ under Labour and called for the Government to make a public apology for maladministration and to compensate those who had lost out.
It then took the Government until Thursday 15th January to issue their response, breaking Gordon Brown’s promise that an announcement would be made by last December.
Now, despite finally admitting to their failure and stating that they will compensate the victims of the Equitable Life fiasco, it is clear that the government’s proposals are wholly inadequate.
First, there is the disgraceful suggestion that payments will be means tested. The Labour dominated Public Administration Select Committee concluded, ‘compensation is not a matter of charity but a requirement of justice to redress a wrong.’
Second, there is the Government’s blatant disregard for the Ombudsman’s timetable for compensation – after years of delays, policyholders now still face a long wait for compensation.
30, 000 Equitable Life policyholders have died while the Treasury has dithered and it is estimated that a further 15 are dying every day. Policyholders living on reduced pensions and annuities and their families have paid a heavy price for this Government’s inability to take responsibility or to act fairly.
I will do everything in my power to lobby on behalf of the victims of this disaster and the Conservative Party will continue to push the Government in Parliament, using all means at our disposal, for proper and speedy justice to be done for all those who have suffered.
Any resident who has suffered as a result of these failures can contact me on 020 7625 3805 or at joanne@westminsternorthconservatives.com and I will ensure that they are kept informed of any future developments.
Yours sincerely,
