EQUITABLE LIFE “OUTRAGE” HIGHLIGHTED IN PARLIAMENT
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EQUITABLE LIFE “OUTRAGE” HIGHLIGHTED IN PARLIAMENT

Peter Luff yesterday highlighted the ongoing plight of his Mid Worcestershire constituents affected by the collapse of Equitable Life when he presented to Parliament a petition on the issue from his constituents.


The petition, signed by people directly affected by the collapse, calls on the government to implement the recommendations of the Parliamentary Ombudsman in her report on Equitable Life, dated 16th July 2008.

Peter, who has been calling for justice for the many Equitable Life savers who suffered as a result of the maladministration of their accounts, said,

“It has been my sad duty to present this petition on behalf of constituents who are all indirectly or directly affected by the maladministration relating to the Equitable Life Assurance Society and the regulatory failure on the part of public bodies responsible. The petitioners, along with the thousands of others who have also been affected, have suffered grave injustice as a result of these errors, but have yet to receive any compensation for the resulting losses.”

Back in July 2008, the Parliamentary Ombudsman upheld the claim that regulators including the DTI, FSA and GAD were all guilty of “comprehensive failure”.

Peter continued,

“In essence, the petition simply urges the Government to uphold the constitutional standing of the Parliamentary Ombudsman by complying with the findings of her Report upon Equitable Life.

“The government seems to think that if it keeps putting off paying compensation, and sweeping this issue under the carpet, then eventually it will go away. Families of claimants are rightly outraged at this shameful attitude. The situation as it still stands is morally unacceptable. This cannot be allowed to go on any longer.”

ENDS

The full text of the petition reads:

The Petition of residents of the constituency of Mid-Worcestershire in the West Midlands region of the UK regarding the Government's response to the Parliamentary Ombudsman's reports on Equitable Life,

Declares that the Petitioners either are or they represent or support members, former members or personal representatives of deceased members of the Equitable Life Assurance Society who have suffered maladministration leading to injustice, as found by the Parliamentary Ombudsman in her report upon Equitable Life, ordered by the House of Commons to be printed on 16 July 2008 and bearing reference number HC 815; and further declares that the Petitioners or those whom they represent or support have suffered regulatory failure on the part of the public bodies responsible from the year 1992 onwards, but have not received compensation for the resulting losses and outrage.

The Petitioners therefore request that the House of Commons urges the Government to uphold the constitutional standing of the Parliamentary Ombudsman by complying with the findings and recommendations of her Report upon Equitable Life.


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