Equitable Life solution must not be 'means tested'
15th January 2009
Anne Main comments following the Government announcement on Equitable Life.
Following the Government announcement on Equitable Life earlier today, Anne Main, MP for St Albans said:
"Whilst I welcome the Minister's apology to policy holders for the maladministration which took place, I still feel that the Government has taken far too long to put forward a solution, and it does not appear to be suggesting a system that will deliver compensation as quickly as I believe they should.
The details of the statement are vague and seem to imply that rather than full and fair compensation for the losses incurred by all policyholders there will be a form of 'means testing' and possibly even a 'health assessment' by an independent tribunal which will try to identify those policy holders who have been 'disproportionately affected'.
In the questions following the statement, the Minister seemed to indicate that current financial situation, age and health may all be deciding factors in eligibility. I find this totally unacceptable, and it was telling that the Minister was unable to explain how this complex system could be fairly administered.
I will continue to press the Government to pay a fair recompense based on losses incurred, rather than this means tested lottery. I am in contact with a significant number of constituents who lost savings in the collapse of the Equitable Life and I know that the quality of the solution will have a real affect on their lives."
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