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MP attacks Equitable Life payout delay
AN MP may try to force a Commons vote to demand more Government action to help policyholders who saw their retirement savings hit by the near-collapse of Equitable Life.
Leeds North East MP Fabian Hamilton yesterday condemned the Treasury's "procrastination" and refusal to heed Parliamentary Ombudsman Ann Abraham's calls for victims to be compensated. Ministers have only offered to make payments to "disproportionately affected" policyholders.
He condemned the failed regulation system, saying Treasury Minister Sarah McCarthy-Fry's response had "completely failed to reassure" him there would be any progress. He is now planning to discuss with other MPs forcing a Commons vote to increase the pressure on Ministers.
The Equitable Members' Action Group has been granted permission to have a full High Court hearing over the Government's response to a highly critical report by Ms Abraham. She called on the Government to apologise to policyholders and set up an independent tribunal to calculate compensation.
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Weather for Yorkshire
Saturday 11 February 2012
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