Mark Tami MP pledges his support to those affected by the Equitable Life Scandal

Equitable Life was once one of the world’s largest life insurance companies and it collapsed in 2000, having made promises to policy holders that turned out to be unaffordable.

A number of policy holders put their entire life savings for retirement into it as they were given the impression it was Blue Chip Pensions Company. In reality the company could not afford to finance itself and policy holders lost in total £4.1billion upon its collapse.

Some of which has been paid, but it has been estimated by the Equitable Members’ Action Group (EMAG), and agreed by the Treasury, that £2.6billion is still owed out to pensioners.

Mark Tami MP has pledged his support to EMAG’s campaign, which aims to ensure the remainder of what is owed is paid out to the victims of the scandal.

“I sympathise profusely with anyone affected by what was a regulatory failure. This was a catastrophic failure that left a number of vulnerable people losing substantial amounts of money,

“These people were doing the right thing by investing their earnings and life savings in a pension scheme that they expected to be properly regulated.

“I welcome that some progress has been made in providing compensation, however it is clear that a number of issues remain and need addressing.”

EMAG has emphasised that many former Equitable Life policyholders have received significantly less than 100% compensation and there remains over 100,000 policyholders to whom payments could not be issued. There are an estimated 2500 Equitable Life victims in Alyn and Deeside.

The All Party Parliamentary Group for Justice for Equitable Life Policyholders aims to hold the government to account on the issue of properly compensating Equitable Life policy holders

Mark Tami has joined the Group and commended the work of EMAG.

“I commend the work of the EMAG in continuing to raise questions and highlight suggestions and I hope the Government works with the group. I note that the All Party Parliamentary Group for Justice for Equitable Life Policyholders also continues to be active.

“I look forward to working closely with both Groups to ensure a fair outcome for the thousands of victims, many of whom are in my constituency.

To find out more about the scandal and the work that the EMAG do please visit their website http://www.emag.org.uk/