Today David Cameron has attacked the Government’s appalling record on its treatment of Equitable Life policy holders and promised “If we win the election, we’re going to sort out Equitable Life very early on.” Not mincing his words, David accused the Government of having a “sick” attitude to the policy holders for essentially “waiting for them to die”.
Equitable policy holders have been treated in a terrible way by the Government which has promised compensation but never delivered.
Worst of all is the callous way they have been kept hanging on; the Government took eight years to agree to award compensation and that was only after scathing judgments from the Ombudsman, yet still not a single payment has been made.
I admire the way our Ombudsman Ann Abrahams has squared up to Government over this scandal. Meanwhile the view of the victims’ representatives, the Equitable Members Action Group (EMAG) is that the Government is waiting for policy holders to die before payment. EMAG believes that 40,000 policyholders have died since 2000.
I have taken the issue up with ministers many times and have spoken on the issue in the Chamber of the House of Commons, the last time was in October 2009.
I recently met Hertfordshire victims at the House of Commons and their suffering is real. So this needs sorting out and we should not forget that whilst the victims have been waiting, the Government has found billions to bail out banks and do quantitative easing.