EMAG honours six MPs with "Outstanding Parliamentarian" citations

Urgent press release:

As this Parliament comes to a close, EMAG has today recognised the outstanding contributions made by six MPs, two from each leading party, in campaigning for their constituents who have lost out in the Equitable scandal.

It is over four years since Equitable Life closed to new business, but this Government has been ruthlessly, consistently dismissive of policyholders' claims. However, thanks to outstanding and principled efforts by individual MPs, Parliament has pursued the interests of the policyholders, by debate, by airing the contents of the report of Lord Penrose's Inquiry, by successfully calling for a replacement for the first Parliamentary Ombudsman's unsatisfactory report and by questioning the respective roles of the FSA and FOS.

Tom Lake, EMAG's chairman:

"As long as the British people are returning independently-minded and principled MPs as able, effective and persevering as the members we honour today, we can be confident that our liberties and democracy will prosper."

The six celebrated MPs are:

Dr Vincent Cable and Norman Lamb (LibDems), Andrew Tyrie and Richard Ottoway (Tories), Dr Tony Wright and Dr Ian Gibson (Labour). The attached photo features, from left to right, Tom Lake (EMAG's chairman), Vince Cable, Tony Wright and Andrew Tyrie -photographed outside Portcullis House, Westminster.

EMAG is working constructively with the new investigation team of the Parliamentary Ombudsman, which is expected to report again on possible Government compensation at Equitable to the Commons in November. EMAG is also actively lobbying MEPs in the European Parliament to bring the UK Government to book for flouting its obligations under EC Directives and for denying justice to more than a million Equitable policyholders.

"Now that the Financial Ombudsman Service has refused even to investigate complaints based on the litany of evidence in the Penrose report, thus blocking the only low-cost route to justice, investors need the help of MPs more than ever. They must throw the spotlight on the systemic defect in policyholder protection, with it falling between the FOS and its conflicted parent the FSA. This is at the very heart of the current crisis in trust in the regulators."

Paul Braithwaite, general secretary of EMAG