Margot James supports legal challenge by Equitable Life members

Margot James met Barrie Powell, chairman of the Black Country Equitable Members Action Group (EMAG), to discuss tactics in light of the Government’s continuing resistance to justice for Equitable Members.

In a report published last July, Ann Abraham, the Ombudsman, accused regulators and three government departments of maladministration. She went on to list ten examples from a "decade of regulatory failure" before Equitable Life was forced to close for new business with liabilities of £1.5 billion.

Margot said, “last year I received more letters about this than any other subject, some stories were simply heartbreaking with people losing a lifetime of savings, the independent ombudsman has called for an independent tribunal to calculate compensation and it is outrageous that the government are stalling on this”.

A significant number of policy holders have died during this long wait for justice. The government’s cynical strategy seems to be to hold out for as long as possible, such that the final compensation will be substantially reduced.

There are more than 500 policy holders in Stourbridge. Margot has written to those who have contacted her stating that the Conservative Party forced the government to allow the Ombudsman to investigate the regulation of Equitable Life in the first place. And since the report was published last Summer Conservative MPs have repeatedly called on the government to establish a compensation scheme to make appropriate payments to those who suffered losses.

Margot expressed her support for the legal challenge to the Government now being mounted by EMAG.