Action On Equitable Life
EDM number 309 in 2009-10, proposed by Robert Flello on 01/12/2009.
Categorised under the topics of Financial services and Pensions.
That this House notes the Parliamentary Ombudsman took the unusual step of using powers under the Parliamentary Commissioner Act 1967 to present Parliament with a further and final report on Equitable Life; further notes that the Public Administration Select Committee's second report on Equitable Life, Justice Denied?, concluded that the Government response to the Parliamentary Ombudsman's report was inadequate as a remedy for injustice; believes that many losses at Equitable Life were due to poor investment decisions and that the Government should be responsible for compensation only for those resulting from maladministration; welcomes the formation of the All Party Group on Justice for Equitable Life Policyholders; further notes with regret its necessary formation and the fact that over 30,000 people have already died waiting for a just resolution to this saga; urges the Government to take strong action to expedite matters and to set a date by which a final decision will be made; and recommends that the Government make interim payments to those who are in most desperate need of assistance and review all such cases once a final decision on a compensation scheme has been made.
This motion has been signed by a total of 68 MPs, 2 of these signatures have been withdrawn.
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