Victory in Equitable Life battle
Published: 27 May 2010
by TOM FOOT
HUNDREDS of thousands of pensioners who lost billions of pounds after a savings firm went bust will be compensated following a 10-year campaign by a Camden councillor.
Cantelowes Lib Dem councillor Paul Braithwaite has claimed victory in a fight for justice for victims of the Equitable Life scandal. He expects repayments of “several billions” to begin by the end of the year. He said: “I have spent 10 years seeking justice in what has essentially been a David-and-Goliath battle against sophisticated Cambridge graduates in the Treasury. None of this would have been possible without pressure from an effective action group.”
Cllr Braithwaite founded Equitable Members Action Group in 2000 after government failures to properly regulate the firm’s finances emerged. The group grew to 35,000 members.
A Parliamentary bill confirming compensation to policy holders who lost £4.7billion was announced in the Queen’s Speech on Tuesday. Cllr Braithwaite said: “In the current climate, I don’t think we are going to see £4.7billion – it is a matter for negotiation. But we are talking billions. They should pay it out in cash.”