Equitable Life Injustice
Fabian has led the parliamentary struggle to gain compensation for investors who lost millions after a failure in the regulation of this life insurance company. You can read more about this here.
The scandal of Equitable's policyholders continues with the Government refusing to compensate the Investors who have seen their savings dramatically reduced as a result of the failure of the regulator.
Fabian has been actIvely supporting his constituents since many contacted him following the losses they incurred with Equitable. He introduced an Adjournment Debate in June 2009 after which he was elected as joint Chairman of the All-Party Equitable Life Group which supports the Equitable Members' Action Group, (EMAG). On October 21st, he spoke in the House of Commons during a debate on the Parliamentary Ombudsman's reports into Equitable Life and the failure of regulation.
Up to fifteen Equitable policyholders are dying each day, according to EMAG, and these are not wealthy people, just ordinary policyholders who were advised to invest their life's savings into the company in the hope of a small additional pension upon retirement. Many have seen their modest incomes from the policies red1lced by more than half since the collapse of the company.
This is simply about justice. It is about people who trusted a company they were advised to invest in and were let down by non-existent regulation which has been totally condemned by the Parliamentary Ombudsman. Those investors, the vast majority of whom are not wealthy, deserve compensation. When the Government pours billions of pounds into the banking system to prevent its collapse, surely it's not too much to ask for considerably less money to compensate investors for the failure of Government regulation?