Equitable Life: British and European Parliaments both demand compensation

Yet again British government fails to provide closure

Brussels, 1st December 2008 — The European Parliament and the UK’s Parliamentary Ombudsman, Ann Abraham, came together today to demand the Government provide responses to the reports produced by both institutions calling for compensation for Equitable Life policy holders.

The Rt Hon Sir Robert Atkins MEP, who led the European Parliament’s Petitions Committee to create a special investigative committee on Equitable Life, said the Government must stop attempting to brush their report under the carpet, and demanded compensation for the victims.

The European Parliament’s Committee was established on behalf of the one million policyholders who lost savings. The Committee’s report blamed regulators who were lamentably deficient in supervising, investigating and regulating the company’s operation.

Sir Robert said:

“We still await the courtesy of a response to the European Parliament’s investigative committee report, which was produced over 18 months ago.

“The UK Parliamentary Ombudsman’s report is just as scathing as ours. Urgent and immediate action is required from the government. Justice is deserved and long over-due.

“Her Majesty’s Government cannot put off proper redress for policy-holders any longer. It must act now.”

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