Nia con­tin­ues Eq­ui­table fight

Llanelli Star - - Letters -

LLANELLI Nia Grif­fith MP is work­ing with like­minded MPs to pur­sue bet­ter com­pen­sa­tion for Eq­ui­table Life savers.

Many peo­ple who saved with Eq­ui­table Life have only been able to re­cover around 20% of at is owed to them af­ter the near-col­lapse of the life in­sur­ance gi­ant some 20 years ago.

Vic­tims of Eq­ui­table Life scan­dal were de­prived of sav­ings af­ter a decade of what the Par­lia­men­tary Om­buds­man de­scribed as se­ri­ous reg­u­la­tory mal­ad­min­is­tra­tion, for which they were only com­pen­sated with £1.5 bil­lion of the £4.3 bil­lion lost back in 2010.

The MPs cam­paign­ing for jus­tice for Eq­ui­table Life vic­tims lob­bied the Trea­sury Min­is­ter John Glenn MP at a meet­ing in Par­lia­ment this week. They pressed home the need for a more gen­er­ous com­pen­sa­tion pack­age and stressed that they would not drop this mat­ter.

Ms Grif­fith said: “The Govern­ment has got to stop hid­ing be­hind the ex­cuse of the state of pub­lic fi­nances to deny jus­tice for vic­tims of the Eq­ui­table Life scan­dal.

“We are now 10 years on from the Om­buds­man’s re­port which de­scribed the Eq­ui­table Life fi­asco as a cat­a­strophic fail­ure of reg­u­la­tion and pointed the fin­ger clearly at Govern­ment.

“I ex­plained to the Trea­sury Min­is­ter the ur­gent need to sort out a much more re­al­is­tic and gen­er­ous com­pen­sa­tion for these savers. It is high time that the Govern­ment gave proper recog­ni­tion to the huge in­jus­tice done to peo­ple like my con­stituents who were sim­ply try­ing to plan and save re­spon­si­bly for re­tire­ment.

“Many of those af­fected have reached an age where they could re­ally do with this money, and get­ting back a mere 20% of what is right­fully theirs is sim­ply not good enough. I and other MPs made it clear to the Min­is­ter that we are not go­ing to let this drop and want him to come back to us with plans for a bet­ter com­pen­sa­tion pack­age.”

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