Updated 11th November, 2016
EMAG exists to campaign for full government compensation. Will members of EMAG please note that because of pressure of work we regret it is not possible to answer individual written enquiries.
A short video which explains what EMAG is fighting for.
EMAG has recently published a new up-to-date fact sheet, which you can obtain by clicking here.
“Six years ago today the former Chancellor, George Osborne, stood up to give the Comprehensive Spending Review under the then-Coalition Government. I was there for his statement to the House, in which he said about the Equitable Life scandal:
“So let me make it clear: I accept the findings of the Parliamentary Ombudsman in full... I agree with the Ombudsman that the relative loss suffered is the difference between what policyholders actually received from their policies and what they would have received elsewhere.”
That 'relative loss' was calculated to be £4.3 billion. Only £1.5 billion has been allocated to date. When we were last in Opposition many of my Conservative colleagues, including the new Chancellor, were very happy to sign the pledge promising to deliver justice for Equitable Life policyholders. In the subsequent six years, Equitable Life aside, politics has moved on considerably.
We now have a Conservative Government, new Prime Minister and Chancellor, as well as a departure from the austerity politics of George Osborne. Theresa May very quickly announced her Government will not be sticking to Mr Osborne's financial rule to run a budget surplus by 2020. She has put in place a new approach to foreign policy, a more interventionist economic strategy and pledged to build a “country that works for everyone...”
EMAG's 16th AGM
The sixteenth AGM of EMAG Ltd was held at Birmingham City Library on the afternoon of 9 November. 40 EMAG members participated. There was an extensive Q & A session. The board reported on the very well attended Parliamentary Reception on 11 October, attended by 44 MPs, plus 15 MP assistants/researchers.
EMAG's chair Betty McCann, and directors Alex Henney and Paul Braithwaite at EMAG's AGM
Because of the total rejig of government appointments in July, the number of MPs on the APPG fell from 208 to 193 MPs. However some MPs recently released from their ministerial responsibility are now JOINING the APPG and, as of 10 November, the number of members has already grown back up to 206 MPs. Is yours one?
EMAG member renewals
The EMAG board is heartened by the very high level of Equitable's policyholders re-subscribing their EMAG membership for the year 2017. As a consequence EMAG's coffers are in a healthy state to continue our fight for the government compensation that is our due - for as long at it takes. But unfortunately the number of deaths being reported each week has risen alarmingly in recent months. Further compensation can't come soon enough for many!
ELPS compensation paid out up to Oct 2016
The latest updated figures shows that only a further £25,000 was paid out in September. Figures obtained by FoI show that the Treasury failed to trace 10% of policyholders entitled to compensation (107,647). The total compensation paid out to the located 849,584 non-WPA policies was £740 million (of the £775m designated). 38,298 with-profits annuitants have so far received £371 million up to 1 October. Separately, 9,229 pre-1992 WPAs have received a total of £48 million as an ex-gratia payment. The Independent Review Panel (IRP) was closed down on 31 October.