Updated 29 January, 2021

EMAG exists to campaign for full government compensation. Will members of EMAG please note that because of pressure of work we regret it is not possible to answer individual written enquiries.

EMAG member Gordon talks about how he feels about the Equitable Life scandal and why the government must do the right thing and pay the money still owed to policyholders.

2021 Commons debate on Equitable Life

The long-delayed House of Commons debate on Equitable Life finally took place on Thursday 21 January, ten months later than originally scheduled. The two-hour debate featured powerful contributions from 25 backbenchers (including 13 Conservatives) who described the ongoing impact on their constituents and who supported calls both for full compensation and transparency around payments made to date. EMAG understands many more MPs applied to speak but were unable to do so because of time constraints.

Bob Blackman MP, chair of the Commons All-Party Group for Justice, closed the debate with this strong message:

“Let us be clear: £280 billion has been found to shore up the economy because of Covid; less than 1% of which would provide full compensation to the victims who have been waiting more than 20 years for it. Equally, had Equitable Life been allowed to fail, the people who lost their money would have been entitled to 90% compensation under the industry scheme, but they were denied access to that scheme because Equitable Life was too big to fail... I call on my right hon. and hon. Friends at the Treasury to do the right thing and ensure that full compensation is provided to the victims of this terrible scam.”

Attention now turns to the Public Accounts and Public Administration and Constitutional Affairs Committees and whether they will respond to MPs’ call for them to set up an inquiry into the accuracy and transparency of payments.

The proceedings can be read here and watched here (starting at 13:57hrs).

The debate secured coverage in the Daily Telegraph and Scottish Herald. The articles are available at the following links:

Equitable Life victims one step closer to justice

SNP MP blasts ‘historic injustice’ of Equitable Life scandal after minister says issue ‘closed’

APPG membership close to 300!

Membership of the All-Party Parliamentary Group has now grown to 291 Members of Parliament, demonstrating the continued strength of support for EMAG's campaign for justice. It is believed to be the largest APPG in the current Parliament.You can see if your MP is a member here.

EMAG members and MPs demonstrating in Westminster.

EMAG's campaign objectives

EMAG will campaign until fair compensation is awarded to the million victims of the Equitable Life scandal.

For the majority 945,000 victims

95% of Equitable's with profits policyholders have received just 22% of the Treasury's calculation of their ‘relative losses’ without any interest paid from 2009 onwards.

With the economy at last recovering, we are campaigning for a commitment that victims will receive the missing 78% of their compensation entitlement.

For the pre–1992 WP Annuitants

We are campaigning to get MPs to insist that the 10,000 pre–September 1992 WP Annuitants are compensated on exactly the same terms as those who took their WP Annuity after that date. We view the current flat rate £5,000 as a welcome down–payment.

For the post–1992 Annuitants

For the 37,000 WP Annuitants who are receiving an alleged ‘100% of their relative losses’ we are seeking dialogue with The Prudential to see why annuity payments continue to fall every year.