Government continues to drag its feet over Equitable Life
October 28, 2009 1:16 PM
Last week the Government narrowly managed to defeat a Opposition Day motion calling on the Government to accept the recommendations of the Parliamentary Ombudsman's report and pay compensation without delay. A million policyholders were affected when the company collapsed in 2000.
Lib Dem shadow chancellor, Vince Cable, who led the debate said:
"This was a disappointing result and a further blow to the millions of policyholders who have lost up to half their pensions.
"It is especially disappointing given that more than 300 MPs from all sides of the House, including 113 Labour MPs, have backed an Early Day Motion that is virtually identical to the motion defeated today.
"The failure to organise a system of compensation nine years after the event and two-and-a-half years after the Ombudsman completed her report identifying maladministration is a cynical victory for Treasury foot-dragging at the expense of large numbers of pensioners."
Southport Lib Dem MP, John Pugh, added: "Let's be clear about what the Labour Government is not doing. It hasn't sufficiently broadened the compensation scheme with many continuing to lose out. It isn't paying out any compensation yet, merely establishing a scheme to make payments, but not before next spring when a General Election is expected."
He added: "And while Conservative front benchers are developing an aptitude for telling us things we want to hear, depressingly for Equitable Life policyholders looking for evidence of change after the next election, the detail simply wasn't there in this debate. The Tories surely have had long enough to think about this issue."
To watch the debate visit http://www.johnpughmp.com/in-touch/government-continues-to-drag-its-feet-over-equitable-life.html
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