Policyholders Demand Compensation
Equitable Life
25/09/2008
Policyholders of Equitable Life have staged a protest at the Labour Party Conference calling for the Government to compensate them.
The group, which carried a coffin and wore T-shirts saying "30,000 dead waiting for justice", demanded that the Government act on the Parliamentary Ombudsman's recommendation to pay them redress.
A survey of results, published by Money Management, has revealed massive falls in the payouts on Equitable Life with profits policies.
It showed that for longer term policies, taken out 20 years ago, the payouts on the Equitable Life regular contribution plans had fallen by £3,437 over the past year for policies taken out 20 years ago.
For single contribution plans taken out 15 years ago, the results have dropped so dramatically that they have halved in the space of one year.
Protester Paul Weir said: "We've been waiting seven years for the Government to do the right thing - its cynicism in setting up delay after delay has got to stop."
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