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.”
Comments
Equitable for whom?
Submitted by Anonymous on Wed, 2010-06-02 11:30.Frankly as a taxpayer I am sickened that yet more money will be thrown at the babyboomer generation which has taken enough already. As this editorial points out there is no reason why actuarial failures should require government compensation – particularly to a group as wealthy as the Equitable Life pensioners.
Equitable Coward
Submitted by Anonymous on Thu, 2010-08-12 05:48.Dear Anonymous Coward you have a very poor understanding of what went on in Equitable Life and the effect this had on hard working peoples pensions. The reason the Government should pay is it was they as THE TREASURY who failed to regulate Equitable Life and allowed a Cavalier Management team to run riot for a decade creating a Ponzi scheme out of what was once one of the finest Brands in the Industry. IT HAS NOTHING TO DO WITH BABYBOOMERS whatsoever! Get a life! and print your name if you have something to say coward! Michael J Lee Sheffield
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