Tag Archives: equitable life

From today’s Times:

One million savers were given an apology — but no promise of early compensation — when the Treasury issued its long-delayed response to the verdict that regulators were partly responsible for the near-collapse of Equitable Life. Although the Treasury confirmed an ex-gratia scheme yesterday, campaigners and MPs condemned proposals to means-test payments.

There was anger, also, at the Treasury’s admission that it could take “significantly longer” than two and a half years before any cash is paid out. Ministers were accused of using “dirty tricks” to put off payments until after the next election. Justifying the delay, Yvette Cooper, the Chief Secretary to the Treasury, said that the level of official responsibility had still to be decided.

George Osborne, the Tories’ shadow chancellor, decided not to turn up to the debate to grill Labour over its lacklustre response. However, the Lib Dems’ shadow chancellor Vince Cable was on hand to hold the Government to account. And, as ever with Vince’s statements, it’s well worth reproducing in full:

I thank the Chief Secretary for her statement. I welcome the apology, and I welcome more guardedly—because we do not yet know the full details—the compensation principle. However, that comes after the long, shabby and disreputable treatment of policyholders. The endless delay and dissimulation have angered up to 1 million of them, many of whom have lost up to half their pension to the extraordinary extent that a period of maladministration that occurred largely under the previous Government has become a massive own goal for this Government. That makes it all the more surprising that the Conservative shadow Chancellor did not think it worth his while to turn up today— Well, I am here.