Member of Parliament for North Ayrshire and Arran is calling for better compensation for those who saw the values of their pensions savings collapse as a result of the collapse of Equitable Life.
In January due to the severe regulatory failings which were highlighted by the Parliamentary Ombudsman the Government announced that it would be setting up a payment scheme to provide assistance those who were “disproportionately” affected by the collapse and that Sir John Chadwick would be advising them on the issue. Since then there have been several criticisms, including from the Parliamentary Ombudsman, over this scheme with concerns raised over the proposed scope of the payments as well as the timescale of such a scheme. More recently MPs have been concerned that Sir John has not been prepared to meet with the All Party Parliamentary Group for Justice for Equitable Life Policyholders, of which Ms. Clark is a member.
Speaking on the subject the local MP said “Given that the Ombudsman was clear there had been failings I believe more must be done for this group. It is estimated that around 32,000 people have died waiting for compensation since the collapse of Equitable Life and I am extremely concerned that the proposed payment scheme announced in January does not seem likely to be established in the very near future. I believe it is imperative that the Government acts as swiftly as possible to ensure that all those currently waiting for justice are able to receive it”
“I am also worried about the concerns raised by the Parliamentary Ombudsman that the proposed payment scheme was inadequate as a remedy for injustice and urge the Government to ensure that its payment scheme is as generous as possible. I am greatly troubled that Sir John Chadwick is currently refusing to meet with Members of the All Party Parliamentary Group for Justice for Equitable Life Policyholders. Almost every Member of Parliament will have had constituents effected by the collapse of Equitable Life and should be allowed to make their feelings on the subject clear.”
Ms. Clark has made her views clear to Treasury Ministers and also signed Early Day Motion 1423 calling on the Government to implement the recommendations of the Parliamentary Ombudsman regarding Equitable Life and Early Day Motion 1693 expressing no confidence in Sir John Chadwick.