Sir David Davis meets with the Economic Secretary to the Treasury to discuss Equitable Life

Sir David Davis, along with ten other members of the All Party Parliamentary Group for Justice for Equitable Life Policyholders, held a meeting with the Economic Secretary to the Treasury, Harriett Baldwin MP.

The hour long meeting was called ahead of next week’s Budget and allowed Members of Parliament to discuss issues related to compensation for Equitable Life policy holders.

Following the meeting David Davis said:

“I, along with the other members of the APPG, have spoken at length with the Minister on this important subject.

By working with the Equitable Members Action Group, we have already secured £1.5 billion in compensation for policyholders suffering from financial loss following Equitable Life’s collapse.

However, the compensation already granted falls far short of full compensation for all victims of the collapse. This is something which the Chancellor himself acknowledged in 2010.

The Treasury have accepted that the total loss to policy owners is some £4.1 billion, a full £2.7 billion more than the money already allocated for compensation.

As we are currently awaiting the Budget the Minister could not respond to our specific points. However, she heard our arguments as we pressed the case on these very important matters.

There are still enormous financial pressures on the Government and so it is difficult to get commitments for further expenditure in any area.

Nevertheless our meeting today should put pressure on the Treasury to put right the considerable financial hardship faced by victims of the collapse of Equitable Life.

Given the pressures on the country’s finances I do not know whether we will succeed, but the Minister was left in no doubt that this is a matter of priority.”