ACTION ON EQUITABLE LIFE

Motion Text

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.