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

Documents: 16/04/2010 - Some of the weasel words reasons given for NOT signing EMAG's Pledge

Some of the weasel words reasons given for NOT signing EMAG’s Pledge

Nick Palmer Labour MP for Broxtowe:

"As I understand EMAG's pledge it involves reopening the issue of the package to give more compensation.  I honestly don't think this is realistic under any government in current circs, and the two realistic possibilities are that the current package is implemented quickly in the next months or that a post-election government says sorry, we're short of money, we'll come back to it sometime.  I'm 100% behind the first of these, but not behind having another look at changing the package - it is in my opinion not in anyone's interest..."

David Drew, Labour MP for Stroud:

"...sadly largely due to the unhelpful stance taken by EMAG two things have now happened. First the view is that policyholders should be compensated for the whole of their losses rather than that which should be put down to regulatory failure.  This would be unfair and unachievable.  Second the Ombudsman never said how the compensation package would be funded.  I wanted to take this up with her but she refused to meet me and so this meant that her recommendations have not been taken forward.  Though I support the tenor of her report I do not agree with all the details. That is why I believe the only approach now possible is through Chadwick..."

Phyllis Starkey, Labour MP for Milton Keynes SW

"I am in some difficulty in simply agreeing to the pledge of as set out by EMAG since it would appear the quickest way to ensure that payments are agreed and made would be to implement the measures that are due to be reported at the end of May. His report would be the used by a Labour Government as the basis for payments to be made..."

Jayne Payne, Labour PPC for Nuneaton

"My point to EMAG is the last part of the pledge is not needed.  What matters is that you get the right outcome, not that it is independent of Parliament. I explained that I could sign the rest but not that bit, as it doesn't make sense."

Glenda Jackson, Labour MP for Hampstead

"In my view, the Government has both apologised and set in place the scheme for remedy, while in my view exercising its responsibility to future public policy and claims upon the public purse. My position on the matter has not, and will not change. "