Equitable Life Compensation (No. 3)

EDM number 1825 in 2010-12, proposed by Mark Durkan on 17/05/2011.
Categorised under the topic of Financial services.

That this House regrets that the Treasury's scheme for compensating Equitable Life investors is inadequate and inequitable; notes that under that proposed scheme some 775 million will be paid to nearly 950,000 policy-holders representing just over 22 per cent. of their relative losses, while 620 million will be shared among 37,000 with profits annuitants; further notes thedilatory undertaking that policy-holders due such payments will receive a letter before June 2012 informing them of how much they are to get and when they might do so, but that there will be no contact with 10,000 customers to be denied compensation because they took out policies before September 1992; deplores the fact that, even though some payments will start in 2011, the payment scheme is being strung out over five years when victims have already waited a frustrating decade; applauds the determination ofthe Equitable Members Action Groupto secure a fairer, fuller and faster scheme; and calls on the Government to improve the scheme to provide terms which are consistent with its own pledges and the spirit of previous debates in this House.

This motion has been signed by a total of 54 MPs.