Lewes MP Norman Baker has today welcomed the news that the coalition government has introduced an Equitable Life Bill, which will pave the way for the government to compensate Equitable Life policyholders who lost out when the company collapsed.
It is estimated that around 1.5 million policyholders across the country, who held around 2 million policies between them, will benefit from the move. The total amount of compensation on offer will be revealed this October, at the time of the government's public spending review.
The government has also created an independent commission to advise on the most effective way to compensate policyholders, which is expected to report by the end of January.
Norman Baker commented:
"The Labour government had 10 years to help those who fell victim to the collapse of Equitable Life, but did nothing.
"It has taken just ten weeks for the coalition government to take real action to ensure that those who lost out get the compensation they have waited for and which they deserve.
"This announcement is yet more proof of the growing influence the Lib Dems hold in government. Compensating Equitable Life policyholders is something the Lib Dems have long campaigned for, and it was a key commitment in our manifesto."
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Contact Norman at:
Norman Baker,
23 East Street,
Lewes,
East Sussex,
BN7 2LJ.
Tel: (01273) 480281.
Fax: (01273) 480287.
Email: info
