Keighley and Ilkley MP Robbie Moore has called on the government to take urgent action and compensate victims of the Equitable Life scandal.
Speaking in a debate organised by the Chairman of the Parliamentary Group on the Equitable Life scandal, Bob Blackman, the MP made the case that compensating victims was a matter of ‘fairness’.
Equitable Life was at the centre of one of the UK’s biggest financial controversies and became close to collapse because it was unable to make insurance and pension pay-outs it had promised.
In 2010, the then-government introduced a £1.5bn compensation scheme for victims of the scandal. Although some of Equitable Life’s most vulnerable customers received full compensation through the scheme, many were left with just a fraction of what they were owed.
The final report on the Equitable Life Payment Scheme published in 2016 stated that compensation payments to policyholders only equated to 22.4% of their relative loss.
Victims of the scandal have spent years campaigning for compensation, and sadly, many of whom died before they could receive compensation.
Speaking in Parliament, Robbie said: "I have been contacted by dozens of constituents from across Keighley and Ilkley asking for my support on this issue, and they have it.
“Fundamentally, this comes down to one simple principle: fairness. When we save for retirement, we expect the money that we invested to be there for us, but the customers of Equitable Life, even after compensation, have been left with just a fraction of what they were owed. I urge the Minister to look at this again and see what more can be done to compensate victims."
The MP has pledged to continue working with campaign groups towards a resolution. You can watch the full speech here: https://www.facebook.com/Robbie4KeighleyandIlkley/posts/440889977261996
