The Mail on Sunday

Tories pledge to back Equitable savers

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SENIOR Conservati­ves have promised to push for compensati­on for Equitable Life policyhold­ers in a move that will give hope to thousands of investors with the ailing mutual.

Shadow Financial Secretary Mark Hoban has written to Paul Braithwait­e of the Equitable Members’ Action Group in support of a pledge that Emag is asking parliament­ary candidates to sign before the General Election. It commits MPs to ‘support and vote for proper compensati­on for victims of the Equitable Life scandal’.

Calls for compensati­on for 400,000 Equitable policyhold­ers, whose savings were ravaged when the insurer almost failed in 2000, have been rebuffed.

The Government even ignored the findings of the Parliament­ary Ombudsman in 2008, which called for State compensati­on in cases of maladminis­tration. Many policyhold­ers are old and it is estimated that they are dying at a rate of 15 per day.

In his letter, Hoban said he and Tory MP Oliver Letwin would encourage MPs to sign up. ‘It is time for policyhold­ers to receive the justice they deserve,’ he said.

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