Financial secretary Mark Hoban has pointed the finger of blame at the Labour government for the scale of payments owed to Equitable Life policyholders following the insurer's near collapse 10 years ago.
Speaking during the second reading of the Equitable Life Payment Bill yesterday afternoon, Hoban said more progress had been made in solving the Equitable problem under the coalition government "than in the last decade". The bill passed the second reading without formal opposition. Conservative MP Julian Lewis said a number of coalition MPs had pledged to get justice for policyholders, and said it would be "dishonourable" to accept the Chadwick report's controversial recommendations. The Chadwick report said policyholders should get only a tenth of the lost amount in compensation, ...
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