Winchester-based Equitable Life policy holders ask for support

12.00.00pm BST (GMT +0100) Wed 27th Aug 2008

Current and former Equitable Life members have been contacting Mark Oaten MP and local parliamentary candidate Martin Tod asking for their support for compensation following the EU and Parliamentary Ombudsman's recommendations that the regulatory authorities were appallingly negligent over many years.

Winchester was particularly affected as local employer IBM, had a top up pension scheme with Equitable Life (see http://www.smartpensionsuk.co.uk/?menuId=483 and http://www.smartpensionsuk.co.uk/?menuId=139&pageId=627) .

Martin Tod has written in depth on the topic on his blog - http://www.martintod.org.uk/2008/08/19/equitable-life-shocking/ - and written to all the Equitable Life members that have contacted him.

Mr Tod commented:

The two most recent reports on the Equitable Life scandal - by the Parliamentary Ombudsman and by the European Parliament - make very disturbing reading.

It's crystal clear that many Equitable Life policy holders lost money as a direct consequence of government regulators failing to keep close enough scrutiny of the company and act on the risks and problems that they had, or should have, identified.

There's been a complete and repeated failure of regulation spanning more than a decade. The outrage expressed by policyholders over this 'serial regulatory failure' is entirely justified. The maladministration has been appalling and they fully deserve fair compensation. The Government needs to accept the Ombudsman's recommendation that 'wrongs should be remedied'.

The General Secretary of the Equitable Members Action Group, Paul Braithwaite, responded on Mr Tod's blog as follows:

"I'd like to thank Martin Tod for featuring our cause for Government compensation. The regime in power has no moral compass and this has been proved over and over by the keeping Equitable Life in deep field for seven long years. Additionally, the Treasury has formed the habit of rejecting Parliament's own Ombudsman's recommendations at will. ONLY the Lib Dems, under Vince Cable's constant vigilance, have been consistent in his support of the cause of treating Equitable Life sufferers fairly. This IS a vote-influencing issue for many. Pensioners have faired very badly under Brown's stewardship and it's overdue that the Government, having been found guilty of maladministration of Equitable by Lord Penrose, by the European Parliament and now the PO - must own up and pay up."