Coalition has done more for Equitable Life victims in 10 weeks than Labour did in 10 years - Williams

Commenting on the Coalition Government's announcement that it has introduced a Bill to compensate Equitable Life policyholders, Co-Chair of the Liberal Democrat Treasury Policy Committee, Stephen Williams said:

"The Labour Government had 10 years to help the those who had their lives ruined by the collapse of Equitable Life and did nothing.

"In just 10 weeks the Coalition Government has taken real action to ensure that those who saw their pensions and life savings hit hard get the compensation they deserve.

"Liberal Democrats have long campaigned for proper compensation for Equitable Life policyholders and committed to it in our election manifesto. This announcement is further proof of our influence in Government."

The Liberal Democrat 2010 election manifesto stated:

"We will make pensions and benefits fair and reward savers by … Meeting the government's obligations towards Equitable Life policyholders who have suffered loss. We will set up a swift, simple, transparent and fair payment scheme."

Vince Cable tabled an Opposition Day Motion on 21 October 2009. The motion is available here:

http://www.theyworkforyou.com/debates/?id=2009-10-21c.918.1

Vince Cable tabled a cross-party EDM in May 2009 urging the Government to accept the Parliamentary Ombudsman's recommendations on compensating Equitable Life policyholders. The motion can be found here:

http://edmi.parliament.uk/EDMi/EDMDetails.aspx?EDMID=38586&SESSION=899