'JUSTICE DELAYED IS JUSTICE DENIED' - BURT ON EQUITABLE LIFE SCANDAL
November 25, 2008 2:18 PM
Solihull's MP, Lorely Burt today called on ministers to honour the decision of the ombudsman and compensate Equitable Life policy holders who have lost their pensions as a result of maladministration and a lack of regulatory control.
Mrs Burt expressed her frustration in a Westminster Hall debate when the Minister refused to give a firm date for a government response to policy holders who have been waiting eight years for a settlement.
"I have received dozens of letters from Equitable Life policy holders in Solihull who have lost their pension entitlement and are still waiting for compensation.
"Thirty thousand policy holders have already died since the collapse of Equitable Life and still there is no settlement. The minister refused to say when the government would make a statement, meaning that even more policy holders will probably die without receiving a penny for their pensions.
"The ombudsman's report places the blame squarely at the foot of the government, which failed to regulate to protect Equitable Life savers, and the Financial Services Authority, which failed to detect what was going on.
"It is now incumbent on the government to make amends.
"If it can bail out banks who've been gambling at the stock market casino and lost, why can't it help these prudent investors it has let down?
"It really is the case that justice delayed is justice denied," said Lorely.
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