This website was established while I was a Member of Parliament. The site content is being kept online as a source of information, but all forms / email have been disabled.

15 January 2009

Government must rectify Equitable Life injustice quickly

John Barrett, Liberal Democrat MP for Edinburgh West today called on Ministers to take decisive action to compensate policy holders worst hit by the collapse of Equitable Life.

The Treasury Chief Secretary Yvette Cooper today offered a public apology to those who lost out due to “maladministration” but in a Commons statement, she ruled out a general compensation scheme for all those affected.

Commenting the statement John Barrett said:

“I am pleased that the Government has finally formally apologised my constituents, many of whom were so badly hit by the collapse of Equitable Life. However, the way this affair has been handled has shown the Government at its most shabby and disreputable. Many policyholders have died while ministers have dragged their feet.  

“The Treasury has told those of us pushing for compensation for years that it was not practical to pay compensation but its position has now been blown apart by the financial crisis.

“While today’s statement is welcome, it is many years overdue and the devil will be in the detail. After bailing out both Icelandic and nationalised bank depositors, Equitable Life investors now need to see the same level of treatment for the Government after years of dithering and delay.

“The Government must instigate a fast-track compensation scheme to rectify this  injustice quickly.”

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This website was established while I was a Member of Parliament. The site content is being kept online as a source of information, but all forms / email have been disabled.