The independent action group for current and ex Equitable Life policyholders, funded by contributions.
Equitable Members Action Group
Equitable Members Action Group Limited, a company limited by guarantee, number 5471535 registered in the UK
Home News Archive Quote Archive Membership Renewal How to Join About EMAG EMAG Regional F.A.Q. All party Justice Group Cookies Contact EMAG
Daily news update
Motley Fool discussion board
Am I eligible for compensation?
The PO has recommended compensation for those who were Equitable Life With-Profit policyholders and who suffered loss through maladministration. Broadly this covers:
I moved my money elsewhere after July 2001. Am I still eligible?
Yes. The majority (by value) of Equitable Life sufferers have moved out since July 2001
My husband/wife lost money in Equitable Life and has since died. Am I eligible?
Yes. EMAG expects the Compensation Scheme to include the estates of policyholders, who have since died.
How much will I get?
The PO has not quantified the amount of compensation. The Government has yet to respond to her findings and recommendations. The Conservative opposition has said:
'We believe that the Government should accept the Ombudsman's findings and act promptly….We will be putting sustained pressure on the Government to move quickly on this. If the Government fails to act, then we will.'
The opposition has also said that:
'Policyholders should-not expect to receive payment for the full loss they suffered’ and ‘Any payments made should… be consistent with maintaining sound public finances.'
EMAG’s view is that the level of compensation depends heavily upon the degree of political pressure that policyholders exert upon their MP’s and contending candidates.
What can I do?