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Eq Life victims high court challenge starts today

The Equitable Life Members Action Group’s legal challenge to the Government is due to start at the Royal Courts of Justice today.

EMAG is asking the court to quash the Government’s response to the Parliamentary Ombudsman’s report which found the Government guilty of maladministration over the failed life company.

EMAG general secretary Paul Braithwaite says: “We are asking the Court to force the Government back to the drawing board to establish the independent compensation scheme the Ombudsman proposed.

“This would set aside the Government’s plan for a mean ex-gratia payment scheme, estimated to pay out rather less than 10 per cent of what’s due.”

In a separate development, 323 MPs have now signed LibDem shadow Chancellor Vince Cable’s early day motion stating that the Government should accept the Ombudsman’s recommendations to compensate policyholders.


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  1. Eq Life victims high court challenge
    Whilst it is quite correct that the collapse of Equitable life and the losses of policy holders could have been avoided by more properregulation, most policy holders at Equitable life still actually out performed a lot of other pension providers. Equitable was well run and performed well for its investors. So many other pension providers performance was so dreadfull that their investors fared much worse thanthose of Equitable with no recourse. Personally i would have been much better investing with Equitable life even when it collapsed that suffering big losses resulting from American Express’s Acuma, United Friendly and Royal sun Alliance. Better regulation of the whole industry is essential to avoid a total lack of investor confidence.

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