Norwich Equitable Life Victims Gain Political Support

4.24.00pm BST (GMT +0100) Fri 3rd Oct 2008

At a packed meeting this afternoon, past and present Equitable Life policy holders listened to and quizzed a panel of Norfolk politicians regarding the need for compensation for victims of the Equitable Life scandal.

The meeting was organised by the regional branch of the support group EMAG (Equitable Members Action Group), with a panel of MPs and parliamentary candidates across the political spectrum. It is estimated that around 800 people in Norwich, and around 5,000 in Norfolk have suffered financial losses from the affair.

The meeting was attended by around 200 people. Speaking this afternoon, Simon Wright, Liberal Democrat Parliamentary Spokesman for Norwich South, expressed his support for compensation as called for in the Parliamentary Ombudsman's report into the Equitable Life scandal:

"This latest report by the Ombudsman makes it very clear that the Government must now apologise to Equitable Life policy holders and establish and fund a compensation scheme for those affected."

"One of the many scandals of this whole affair is the time that's passed without any action having been taken to help policy holders. Even worse, the Treasury and the FSA have been guilty of a range of stalling tactics leading to delay after delay. Of the 1.5million people affected by this scandal, many are elderly and frail. The sad fact is that for many people, delayed justice means no justice. According to EMAG, 15 Equitable Life pensioners die every day. It is simply disgusting that justice has not been done for those victims."

"This is a critical time to be building a base of political support across the spectrum before Parliament debates this issue, so I do very much welcome this meeting as an opportunity to work towards resolving this scandal in the best way possible - as spelled out by the Ombudsman."

The Parliamentary Ombudsman's report, published in July, made several determinations of maladministration on the part of the former Department of Trade and Industry, the Government Actuary's Department, and the Financial Services Authority, in relation to their regulation of Equitable in the period before 1 December 2001.

Parliament will be debating the Ombudsman's findings this Autumn.