Updated 28, May 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

Public Accounts Committee – Treasury officials let off the hook

The Public Accounts Committee held an evidence session with officials from HM Treasury on 22 April at which Equitable Life was briefly discussed. Despite EMAG's detailed submissions to the Committee, setting out the key points that should be put to the witnesses in advance, the Committee failed to pursue them and officials were let off the hook. Shockingly, the officials revealed that data which would have made further compensation payments quick and easy had been deleted, despite repeated ministerial assurances to MPs that there were no plans to destroy it.

Contrary to media coverage following the session, this revelation does not mean the outstanding debt to policyholders cannot be paid. It merely means delivering justice for policyholders will be more complex and expensive than it needed to be.

EMAG has written to the Public Accounts Committee setting out its deep concerns about HM Treasury's behaviour.

London Capital & Finance

The Government has announced £120m compensation to cover up to 80% of the losses of people who took out mini-bonds with London Capital & Finance. The products involved were unregulated. Compare that to Equitable Life victims, the vast majority of whom have received only 22.4% of their losses, having put their money into regulated products with what was supposedly the Rolls Royce of pension companies, only to lose it because of a decade of regulatory maladministration!

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!

APPG membership close to 300!

Membership of the All-Party Parliamentary Group has now grown to 295 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.