Michael Moore MP has described the introduction of a Parliamentary Bill on Equitable Life as an important step towards securing justice for people in the Borders who lost out when the company collapsed.

640 individuals in Mr Moore’s parliamentary constituency of Berwickshire, Roxburgh and Selkirk lost their savings as a result of the collapse of Equitable Life.

Speaking in the House of Commons this afternoon, Treasury Minister Mark Hoban confirmed that he expected that policy holders would begin to receive payments in 2011 for losses incurred as a result of government maladministration.

A commitment to introduce a fair, transparent and in dependent compensation scheme was a key Liberal Democrat pledge before the election and in its first Queen’s Speech the coalition Government committed to bring forward a Bill on this issue before the summer recess.

Commenting, Mr Moore said:

“This is welcome news for all those affected by the collapse of Equitable life and by the indifference of the previous Labour government.

“I am committed to ensuring that those who saw their pensions and life savings hit hard get the compensation they deserve and the Bill brought forward by the Government today means that policy holders can at long last see an end point to their ordeal.

“In his statement the Minister made clear that the implementation of the Ombudsman’s report on Equitable life is a priority for the Treasury and they will work closely with victims groups to ensure that people are happy with the design of the final compensation scheme.

“With today’s announcement the coalition Government has done more for Equitable Life victims in 10 weeks than Labour did in 10 years.”

Notes:

More details about the Bill and today’s announcement are available from the Treasury http://www.hm-treasury.gov.uk/fin_equitable_life.htm