Norwich Equitable Life Policy Holders Call for Support

6.19.00pm BST (GMT +0100) Thu 11th Sep 2008

Norwich victims of the Equitable Life scandal have contacted Lib Dem Norwich South parliamentary candidate Simon Wright asking for his support for compensation. Their calls follow recommendations made by the EU and Parliamentary Ombudsman's that the regulatory authorities were appallingly negligent over many years.

In response, Mr Wright has contacted the Chancellor Alistair Darling to call on him to support the Parliamentary Ombudsman's findings and to compensate victims. Mr Wright's actions have been endorsed by the General Secretary of Equitable Members Action Group (EMAG).

The Regional Branch of EMAG will be holding a public meeting in Norwich next month to convey to their MPs and prospective parliamentary candidates their concern at the scandal revealed by the Parliamentary Ombudsman. This meeting will take place at Chantry Hall, Chantry Road, Central Norwich Friday 3rd October 3.30 pm.

Mr Wright said:

"The two most recent reports on the Equitable Life scandal by the Parliamentary Ombudsman and by the European Parliament are very disturbing."

"Many Equitable Life policy holders lost money as a direct consequence of government regulators failing to monitor the company adequately. There was a failure to act on the problems that the regulators had, or should have, identified.

"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. The maladministration has been appalling and the victims fully deserve fair compensation. The Government needs to accept the Ombudsman's recommendation that 'wrongs should be remedied'.

"I'm very pleased that the regional branch of EMAG will be raising these issues with politicians and the public in Norwich through a meeting next month. I hope that by boosting the profile of the injustice and how it has affected people locally, all politicians will respond by putting more pressure on the Labour Government to act."