A House of Commons Backbench Business Debate will take place on 23 April 2020 on the following Motion.  

      That this House

  • expresses grave concern in relation to the Government’s continued inaction in response to the injustice suffered by Equitable Life policyholders, the vast majority of whom have only received partial compensation compared to the confirmed losses directly attributed to regulatory failures;
  • notes the Government’s acceptance of the Parliamentary Ombudsman’s findings to compensate victims in full following the maladministration of Equitable Life;
  • further notes the concern previously expressed by the Public Accounts Committee in relation to the transparency and accuracy of the payments being made to victims;
  • highlights the Government’s failure to fulfil the Committee’s request to publish an intelligible and transparent explanation to policyholders on how to verify the accuracy of the compensation they have received;
  • further highlights examples of grossly inaccurate payments, adjusted only when identified by policyholders, gathered by the Equitable Members Action Group;
  • notes the Government’s continued insistence that there have been no mistakes in the methodology for calculating payments to policyholders; and 

Further reading

Equitable Members Action Group  

Equitable Life company website [includes chronology]

Equitable Life [news: 2019-20]

Equitable Life: Parliamentary Proceedings [2000- present]

 
 
Equitable Life Assurance Society, House of Commons Written Answer, 13 January 2020
 
 
Equitable Life, House of Commons Debate, 31 January 2019

 


Related posts