I am of the opinion that this very thorough and detailed response by the independent Parliamentary Ombudsman provides the necessary recommendations to bring the Equitable Life saga to a fair and just conclusion for policyholders.
I fully support the two main recommendations made by the ombudsman for the public bodies to apologise to policyholders for the events and for Government to establish and fund a compensation scheme. Following Northern Rock this seems the only way to deal with this and it would provide a way of placing policyholders, if not in the position they were in before the maladministration took place, then at least with some recompense.
I can assure constituents that I will monitor this situation and continue to press for the recommendations to be implemented especially at a time when the cost of living is really hurting people. People should be encouraged to plan for the future and by supporting these recommendations we can show that the principle of pensions and financial prudence remain intact.
Mark Oaten