The government announcement on those hardest hit by the Equitable Life fiasco has been warmly welcomed by West Lancashire MP Rosie Cooper.
Treasury Minister Yvette Cooper MP made the statement to Parliament in response to the 2nd Ombudsman report following a four year investigation into the regulation of Equitable Life. The Government has been reviewing the report which has raised a series of complex and important issues.
Following consideration of the report the Government has agreed that action is needed. Therefore, a scheme is to be set up to provide ex-gratia payments for those who have been heavily affected by events at Equitable Life.
MP Rosie said: “I am pleased that Government will be taking action to help out those hardest hit financially by the failure of Equitable Life to meet its commitment to policy holders.”
“I have been contacted by a large number of constituents who have been affected. As an Equitable Life policy holder myself I realise the problems the failures of Equitable Life have caused people.”
“It was clear from the Minister’s statement that the scheme is expected to support those who have suffered a disproportionate impact as a result of events. Therefore, at this stage it is unlikely everyone will receive a payment.”
“However, as more details are released I will keep constituents informed on new developments.”
The Government have asked Rt Hon Sir John Chadwick to examine the information and advise on a range of issues including the extent of relative losses suffered by Equitable Life policy holders and which classes of policy holder have suffered the greatest impact as a result of maladministration accepted by the Government and the actions of Equitable Life and its advisers.