Government proposals on Equitable Life inadequate - Mark Hunter MP

March 19, 2009 6:51 PM

Mark speaking out on behalf of equitable life policy holders

Today Mark Hunter, the MP for the Cheadle Constituency, spoke out against the Government's proposals on Equitable Life saying the affair had been a fiasco and "mishandled" by Government.

Mr Hunter spoke during Business Questions in the House of Commons and asked the Leader of the House Harriet Harman for a debate in Government time on the Government's proposals. Mr Hunter raised the issue after a new report was published by the Public Administration Committee, one of the House of Commons Select Committees of MPs. The report said that the Government's response of a limited compensation scheme for Equitable Life policy holders was "inadequate as a remedy for injustice".

Mr Hunter has raised the issue in the House of Commons before on behalf of many constituents who lost money in the Equitable Life scandal. These policy holders are now seeking compensation from the Government because, according to an independent inquiry by the Parliamentary Ombudsman, various government departments were guilty of the maladministration which was a factor in the near collapse of Equitable Life.

Speaking after the question Mark Hunter MP said: "This new report from the Public Administration Committee is another damning indictment of the Government's mishandling of the whole Equitable Life fiasco. The Parliamentary Ombudsman has already said the Government should set up a compensation scheme for policy holders so that all those who lost their money would have all this money repaid.

"The Government has failed to listen to the Ombudsman and now MPs are piling the pressure on with this very critical report. I've therefore again asked the Leader of the House for a full debate, in Government time, about their compensation scheme and whether they are now willing to compensate all policy holders fully.

"I've got hundreds of constituents who have already had to wait an inordinate amount of time to get any kind of response from the Government. The fact that they now have to wait even longer, wondering if they are going to get their money back, just isn't acceptable and I will continue to press the Government to review their compensation scheme so that all policy holders get a fair deal."

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