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Strong Local Voice, Strong Local ChampionAnnette Brooke, Lib Dem MP for Mid Dorset & North Poole |
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Government must rectify Equitable Life injustice quickly - Brooke
January 16, 2009 10:10 AM
Equitable Life
Commenting on today's Government statement on the collapse of Equitable Life, Annette Brooke, Lib Dem MP for Mid Dorset and North Poole called for a full parliamentary debate on the Governments statement and the Public Administration Select Committee's report.
Annette commented:
"We welcome the Government's apology and its grudging acceptance of a compensation scheme, but this fiasco has shown the Government at its most shabby and disreputable. Many policyholders have died while ministers have dragged their feet.
"The endless delays by Labour have managed to transform a story of maladministration by the previous government into its own abject failure.
"The Ombudsman's report is clear that there were serious failings by the DTI, the Government Actuary and the FSA.
"The Treasury has been desperate to avoid paying compensation, but its position has now been blown apart by the financial crisis. After bailing out both Icelandic and nationalised bank depositors, Equitable Life investors will not be able to understand why they are being treated less favourably.
"MPs from all parties are fearful that any payments may take years to arrive, be means-tested and become bogged down in complicated bureaucracy.
"The Government must instigate a fast-track compensation scheme to rectify this festering injustice quickly."
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