Equitable Life sufferers receive backing from MPs
The demise of the Equitable Life business is something of a slow and painful death for many customers who are waiting for compensation relating to their mortgage guarantee claims. The Equitable Life group collapsed in 2000 when a House of Lords ruling forced the company to honour mortgage guarantee policies which would cost the business in the region of £4 billion. However, before any policyholders could be paid out the company folded and policyholders have been fighting for compensation ever since.
Those who will follow the story will know that the UK government has been criticised by a number of leading policy committees and Gordon Brown himself suggested that compensation would be paid in the short term. This money seems ever further away from any policyholders as the government uses every trick in the book to delay and block such payments. Indeed just last week Harriet Harman caused outrage when suggesting that policyholders will need to wait until Parliament reconvenes in the New Year.
Over the last eight years a number of Equitable Life customers in line for compensation have actually died and many more have been brought to their knees by the financial consequences of their original policies not been honoured. Even though the UK government is under serious pressure from all sides it would appear the fight will go on for some time yet.
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