DEMANDS FOR DELIVERY DEADLINE ON EQUITABLE LIFE POLICYHOLDERS COMPENSATION

DEMANDS FOR DELIVERY DEADLINE ON EQUITABLE LIFE POLICYHOLDERS COMPENSATION.

Speaking following an opposition day debate on the UK Government’s role in paying compensation to Equitable Life policyholders, SNP spokesperson on regulation Mike Weir MP repeated calls for UK Minister’s to accept the recommendations of the Ombudsman.

Mr Weir argued that a deadline for delivery of a compensation scheme was now needed, following last week's ruling by the High Court that slammed the government's handling of compensation.

Mr Weir said:

“The UK Government must stop prevaricating and pay up. This saga has dragged on long enough - after ten years what policyholders deserve now is a clear deadline for the delivery of a compensation scheme. It is unacceptable and unfair for Downing Street to let this drag on indefinitely.

“It was a decade of regulatory failure that led to this mess, and we have had a decade of dither in dealing with it ever since. It is disgraceful that policyholders have had to go through so much. Tens of thousands of policyholders have died since this process began, and many surviving policyholders are still being denied justice.

“UK Ministers must finally accept their responsibilities and bring forward a scheme to compensate all those who have suffered through the UK governments regulatory failures.”