David Prosser: Justice at last for Equitable Life victims?
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Outlook One announcement made by the coalition yesterday that should be universally welcomed – assuming it is to be taken at face value – is the promise to offer the victims of the Equitable Life scandal a better deal. Whatever one's views about the performance generally of the previous Labour administration, its failure to do the right thing by Equitable savers was shameful.
Having watched their insurer collapse in as clear a case of regulatory failure as you'll see, those who lost most of their life savings fought for eight years to get compensation. When, in 2008, the Parliamentary Ombudsman ruled in their favour, it looked as if Equitable savers – those who had not died in the meantime, that is – would get justice. Only for the then Government to set up a pedestrian inquiry into how some token payments might be awarded.
The new Government appears to be promising something much more generous, with compensation for "relative loss as a consequence of regulatory failure". About time too.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments