MP slams broken promises over Equitable Life saga

By The Newsroom
Published 17th Sep 2010, 11:59 BST
Updated 18th Sep 2010, 13:24 BST
Edinburgh East Labour MP Sheila Gilmore has accused the UK coalition government of failing to live up to manifesto promises to deliver fair compensation for victims of the Equitable Life saga.

Policyholders lost up to 5 billion when the insurance company nearly collapsed in 2000 but a report by former Appeal Court judge Sir John Chadwick in July suggested they should share no more than 500 million in compensation.

Ms Gilmore said if the Chadwick report was followed, policyholders who had been promised fair compensation by both the Tories and the Lib Dems prior to the election would be let down.

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She demanded: "What compensation is being promised? Is it simply the 400m to 500m mentioned by Chadwick, and if it is not, will it be more or less?"

She also criticised the government for using the economic situation as a "convenient" excuse.

Related topics:Lib Dems