Compensation for Cornwall’s equitable life victims is long overdue – Gilbert & Rogerson
Steve Gilbert, MP for St Austell and Newquay, and North Cornwall’s MP, Dan Rogerson, have welcomed the government’s announcement that victims of the Equitable Life collapse can finally expect compensation, as Liberal Democrat MPs push forward new legislation.
The Cornish MPs described the announcement as a “massive relief” for the millions of people who lost up to half their pensions in the collapse.
The Equitable Life Bill, which was outlined in the House of Commons yesterday, will give the Treasury the authority to make payments to policyholders or dependents – who have been fighting for compensation for a decade.
A previous Liberal Democrat motion to make fair and transparent payments to Equitable Life policy holders was defeated in Parliament in October 2009.
Commenting, Dan Rogerson said:
“People across the Duchy lost their savings in the fiasco yet the previous Labour Government failed to act, ignoring Liberal Democrat advice, ignoring the High Court and ignoring the Ombudsman’s report.”
Steve Gilbert, MP for St Austell and Newquay added:
“This Bill is a massive relief to those who lost out and is long overdue.
“I am delighted that something the Liberal Democrats have been campaigning on for years can now finally happen. We are using our position in Government to give Equitable Life policyholders the compensation they deserve.”
Note:
1. The full text of the written statement to the Commons is available here:
http://www.publications.parliament.uk/pa/cm201011/cmhansrd/cm100526/wmstext/100526m0001.htm#10052611000010
3. Vince Cable also tabled a cross-party EDM in May 2009, which Dan Rogerson signed, urging the Government to accept the Parliamentary Ombudsman’s recommendations on compensating Equitable Life policyholders. The motion can be found here: http://edmi.parliament.uk/EDMi/EDMDetails.aspx?EDMID=38586&SESSION=899
