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

Press Releases: 18/03/2002 - Meeting of all Equitable Life Action Groups

13 March 2002 - Meeting of all Equitable Life Action Groups - Press Relase

Action groups representing 150,000 Equitable policyholders are calling for compensation from the regulators of the financial services industry.

We estimate that policyholders have lost as much as 4 billion through this fiasco, said Paul Braithwaite of EMAG. Successive regulators have shown themselves to be toothless and ineffective in their policing of the financial services industry.

At a summit meeting held this week the groups also called on the board of Equitable Life to openly support the pursuit of compensation for policyholders from the previous board, professional advisors and the regulators.

It doesnt matter whether it was Lautro, the FSA, the DTI or the Treasury, said Neil Britten of ELJAG. It was generally the same people who failed us, working under a succession of new departmental names for the same function.

If the Government doesnt acknowledge the failure of the regulator in the Equitable disaster, why should people in this county trust their money to any finance company? said Ron Bullen of EPHAG.

The groups are also mounting a campaign to support an early day motion (EDM) by Roy Beggs MP calling for an independent Inquiry into the Equitable scandal. Policyholders have already contacted more than 250 MPs and 100 have signed the motion so far, said Liz Kwantes of ELM. We want the Parliamentary Ombudsman to increase the scope of his current inquiry to go back to 1993 when we believe the rot started to set in.

Roy Beggs EDM states "That this House calls upon the Parliamentary Ombudsman to initiate an immediate independent inquiry into the Equitable Life affair and the gross dereliction of duty of the regulators appointed by the Government to monitor Equitable Life policies." Equitable policyholders can find out more about the early day motion from www.equitablelifemembers.org.uk/ and email their MP through www.locata.co.uk/commons/.