13 May 2010
An enhanced compensation scheme for over one million Equitable
Life members has been announced by the two parties forming the UK's
coalition government.
The coalition agreement says they will be compensated for their
"relative loss", as recommended by the Parliamentary Ombudsman. In
a 12-page document there is a single paragraph which says that the
two parties agree to implement the Parliamentary and Health
Ombudsman's recommendation to make fair and transparent payments to
Equitable Life policy holders, through an independent payment
scheme, for their relative loss as a consequence of regulatory
failure.
Paul Weir, spokesman for the Equitable Members Action Group
welcomed the new government's commitment.
