Equitable Life (No. 2)

EDM number 1337 in 2002-03, proposed by Ian Gibson on 04/06/2003.

That this House notes the forensic study of the Equitable Life's accounts by accountants Burgess Hodgson, which revealed a ú1 billion black hole in the Society's finances at the beginning of the 1990's; also notes that the report demonstrates the Society's management consistently voted bonuses so that its liabilities were in excess of its assets; is concerned that the financial information available to Burgess Hodgson was also available to the regulators at the time; notes that many pensioners are currently suffering financial hardship because of the Society's mismanagement and an apparent failure of the regulatory system to protect policyholders; and calls on the Parliamentary Ombudsman to immediately investigate the complaints of maladministration relating to the period before 1999 that have been referred to her by many honourable Members on behalf of their constituents.

This motion has been signed by a total of 190 MPs, 13 of these signatures have been withdrawn.