Updated 21, October 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.

A message to Boris Johnson and Rishi Sunak

APPG co-Chairs write to the Chancellor ahead of Budget

The co-Chairs of the 299 strong All-Party Parliamentary Group have written to the Chancellor ahead of the Budget calling for:

The letter contrasts the treatment of Equitable Life victims who have received only 22.4% of their losses, with those who took out unregulated mini-bonds through London Capital & Finance. LC&F savers are set to receive 80% compensation which, according to the Economic Secretary, “appropriately balances the interests of both bondholders and the taxpayer and will ensure that all LCF bondholders receive a fair level of compensation in respect of the financial loss they have suffered.”

EMAG believes that if 80% compensation for savers in unregulated products is fair, 22.4% for people who put their pension savings into regulated products with Equitable Life and where there was egregious regulatory maladministration is grossly unfair.

The strange case of Schrödinger's Equitable Life data – alive and dead at the same time

After claiming that it had deleted the data of the victims of the Equitable Life scandal, the Treasury has now confirmed that the data of around one million Equitable Life policyholders has, after all, been preserved.

The confirmation follows uncertainty created by Treasury officials' evidence to the House of Commons Public Accounts Committee (PAC) in April of this year. Officials told the PAC that the Government had destroyed data on those who have received only 22.4% of their losses, leading to media coverage wrongly suggesting that any hope of further compensation had disappeared. In a follow-up letter to the PAC, they then revealed the data had been transferred to Capita in 2016.

In a recent letter to the APPG co-Chairs, the Economic Secretary to the Treasury confirmed that the personal, bank account and compensation payment data for around one million Equitable Life policyholders remains intact. EMAG members want the data safeguarded, so the remaining £2.6bn compensation owed to them can be paid quickly and efficiently.

Treasury officials must have known the data was transferred to Capita and the terms on which it was done when they appeared before PAC in April 2021. Their revelation that the Treasury had destroyed data meant serious unanswered questions about the accuracy of compensation payments made to date were not pursued at the short PAC session on Equitable Life. The co-Chairs of the APPG have written to the PAC to request that they continue to investigate those issues.

Emag.today campaign website refresh

Our main campaign website www.emag.today has had a significant refresh, with additional campaign videos and integration of EMAG's Twitter feed (which can also be viewed at twitter.com/EMAGnews). It has also been reconfigured so anyone who supports the campaign – such as family members of policyholders – can easily register their support and write to their MP. Make a visit and take action today!

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.