Created: 10 November 2010
Speaking up for the policy holders suffering from the collapse of Equitable Life, Bob Blackman called for assurances that the people who have been wronged are compensated properly, fairly and independently.
Bob commended the Treasury for their endeavours to ensure swift action and applauds the Coalition Government’s decision to dispose of the recommendations set out in the John Chadwick Report. It is the clear duty of the Coalition Government to ensure swift action that protects the elderly.
Bob Blackman MP said: “If the Labour Government had acted when they should have done, £1.5 billion would have represented 100% compensation for everyone that had been so badly wronged. However, the dragging of feet over the past 10 years means that we are in the parlous state in which people who should be due their compensation are dying every day, and every day that we delay means that, sadly, more people will not receive their compensation.”
Bob welcomed the announcement that the compensation that Equitable Life Policyholders will receive will not be tax- deductable. Bob made the commitment that the All Party Parliamentary Group will continue to ensure that the Treasury will be able to communicate with all parliamentarians, and EMAG will be able to lobby to ensure that, when individuals begin to receive their payments, which will be the acid test, they feel satisfied that the wrong that has been done to them has been compensated.
That is something of which we would all be proud. We can take great pride in the fact that the process is happening quickly, with purpose and transparency, and that the pledge that we all signed is being honoured. Some people may say, "It is not being honoured in full," but it is, and clearly the economic circumstances of the day dictate what we can do.
Bob made clear that we must be aware of the economic climate we face and that this is a good result for the time that we are in but that the door for negotiation should again be opened when the economy has recovered.
To read the speech in full, follow this link: