Pensioners speak out over Equitable Life

Around 75 people in St Augustine's hall heard Paul Braithwaite, general secretary of the Equitable Members Action Group (EMAG), give an account of the history behind the current situation.

Having been involved with EMAG since it's formation in August 2000, Mr Braithwaite was in a strong position to analyse the developments in his speech, "A Decade of Regulatory Failure".

He spoke about commissioned reports, including that carried out by Lord Penrose, the work of the Parliamentary Ombudsman, and Government reaction to events.

He said: "This was essentially a Ponzi scheme, with large numbers of new members conned in because of exaggerated bonus claims."

Other members of the panel included local MP Greg Barker, Lib Dem Bexhill and Battle Parliamentary Spokesperson Mary Varrell PPC, and chairman of the Bexhill Action Group Ray Bittan.

Greg Barker's concerns over Government delays found support.

He said: "I think the Government are simply playing for time and allowing the grim reaper to do his work. Many of those are affected, are, by definition, pensioners. It's utterly shameless.

"After huge delays, policy holders still face a long wait for compensation."

Mary Varrell said: "There has been faulty accountancy going on here for more than 10 years."

Despite the bleak outlook, those gathered were not without a sense of humour. To the panel's question of what they had to look forward to, one member replied: "Death!"

It was noted that 15 policyholders die each day, with rough estimations putting the average person's loss at 50% of their original capital following the near collapse of Equitable Life in 2000.

Further concerns over the Conservative Party's ability to honour the Ombudsman's recomendations for compensation in the current financial climate were expressed.

Several people expressed frustration at their situation, and their experiences with Equitable Life salespersons.

The 90 minute meeting was chaired throughout by Ray Bittan, who thanked Greg Barker and Mary Varrell for their support so far, and urged further co-ordinated efforts from the "grass roots" if results were to be achieved.