EQUITABLE LIFE

Motion Text

That this House regrets that many Equitable Life pensioners have suffered hardship as a result of the mismanagement by the Society and the failure of the regulatory system to protect policyholders; notes that many Equitable Life pensioners continue to face hardship in spite of the publication of the Penrose Report in March 2004; believes that the Treasury should examine carefully claims for compensation from policyholders who have genuinely suffered loss of income; and agrees with Lord Penrose that better regulation of life assurance companies must be introduced by the Government to replace the light touch of which he was so critical.