I attended an EMAG meeting of Equitable Life policy holders in the Wokingham constituency, at their request. They set out their unhappiness about the way compensation claims are being handled, and about the level of compensation.
I said I am happy to take up anyone’s case who still has received no compensation. The clearly stated aim of the government was to distribute compensation promptly, and people by now should have heard from those administering the system. They should email or write to me at the Commons, stating how far they have got, and their policy number(s).
I am also willing to take up cases where people have received some compensation but they think it is too small, or do not understand how it has been calculated.
I agreed to raise the general issue with the Minister of why the Financial Services Compensation Scheme did not apply to Equitable Life, and what the Treasury’s current thinking on this is, in the light of the Regulator’s conduct when the seriousness of the position had come to light. I will also ask if a clearer statement of the basis of calculation of the compensation can be provided.