Jo plans to stand up for victims of the Equitable Life near-collapse in Parliament
Jo Swinson is preparing to take the fight for compensation for the victims of Equitable Life’s near-collapse to Westminster, when Parliament returns from its summer recess next month.
In July, Parliamentary Ombudsman Ann Abraham judged that the Government should apologise to policyholders and set up a compensation fund for those who lost out when the life assurance company reached near-collapse in 2000.
Jo has made clear that she will press Chancellor Alistair Darling to respond to the Ombudsman’s report quickly once Parliament returns in October, and put pressure on the Government to accept the Ombudsman’s recommendations.
“The retirement savings of more than a million people took a hit when Equitable Life came close to collapse in 2000. The Parliamentary Ombudsman has found that under this Government’s watch as well as the previous Conservative government, serious maladministration took place. She has also called on the government to fund a compensation scheme, admit fault and give an apology to policyholders.
“I have been contacted by dozens of East Dunbartonshire residents affected by Equitable Life, who now want to see the Government accept the Ombudsman’s report in full. I wholeheartedly intend to back my constituents’ calls for compensation when Parliament returns next month.
“The anger of policyholders over the handling of Equitable Life is undimmed many years on. It is right that the Ombudsman’s recommendations are actioned and that compensation is paid where it is due – an apology would be a good place to start.”