Equitable Life

Debate between Fabian Hamilton and Mark Lazarowicz

Thursday 26th February 2015 Commons Chamber

[Fabian Hamilton (Leeds North East) (Lab)]

It is a privilege to have secured the debate with my co-chair of the all-party group for justice for Equitable Life policyholders, the hon. Member for Harrow East (Bob Blackman).

I am sad that after so many years of debating this issue, we are once again back in the Chamber talking about the continuing losses suffered by hundreds of thousands of Equitable Life policyholders. As has been said, they invested in the world’s oldest life assurance company in the belief that they would be able to have a comfortable old age. Instead, after a lifetime of saving, many of them find themselves destitute, and they are certainly much poorer through no fault of their own. How have we arrived at that point, 15 years after Equitable Life closed its doors to new investors and five years after the current Government promised to ensure that losses incurred by Equitable policyholders would be compensated? If Members permit me, I will go back over some of the history of this sorry tale, to give the House and the public some answers.

My first involvement in the Equitable saga was to speak in an Adjournment debate that I secured in Westminster Hall on 24 June 2009. In that debate, I spoke about the serious issues facing all our constituents since the crash of Equitable Life, following its inability to meet its obligations and the promises that it had made to investors over the decades.

[Mark Lazarowicz (Edinburgh North and Leith) (Lab/Co-op)]

I may have been present at that debate. I congratulate my hon. Friend on his role in leading the campaign with other hon. Members. Like me and other Members, he will have had the experience of trying to update constituents on the issue but getting back a reply saying, “Unfortunately, my father”—or wife, or husband—“has now died”. That illustrates how important it is to take action now. Although I would like to hear pledges for after the election, as the hon. Member for Harrow East (Bob Blackman) said, we also need action now, ideally in the Budget. After an election, it takes time for things to happen. People need payment and good compensation—

[Madam Deputy Speaker (Mrs Eleanor Laing)]

Order. We must have short interventions. Long interventions are simply not fair, because everybody must have a chance to speak on behalf of their constituents. Members must be polite to each other and make short interventions.