Updated 23rd June, 2017

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.

Quote following the General Election:

Letter to 182 re-elected backbench MPs who were members of the APPG:

“EMAG congratulates you on your re-election to Parliament.

We are delighted that you are one of the 182 members of the “Justice for Equitable Life Policyholders” APPG from all sides of the House of Commons who were re-elected at the General Election. Thank you so much for your previous efforts and support for Equitable Life’s victims.

As we anticipate that the APPG will be re-formed before 15th September deadline (set by the Commons authorities), the APPG will be deemed to be a continuation of the APPG from the last Parliament and your membership will be carried over. If you wish to stand down from the group please do let me know. Once we have confirmed the date of the inaugural meeting you shall of course be invited to attend.

As you are aware, the purpose of the APPG is to “hold the government to account on the issue of properly compensating Equitable Life policyholders” and there is a great deal more to be done. At present policyholders have only received £1.12 billion of the £4.1 billion relative losses that the Government has acknowledged they suffered directly resulting from maladministration by the regulators. Despite the Parliamentary Ombudsman recommending that policyholders should be compensated for those losses the Government has repeatedly rejected calls to increase the compensation fund beyond the initially allocated £1.5 billion.

In addition, the payments made to date have not been transparent and many have turned out, under scrutiny, to be incorrect. Policyholders can neither easily understand nor check the validity of the calculation for the payments they have received. This requires urgent action to ensure the vulnerable victims receive the money Parliament has thus far set aside for them.

Membership of the APPG is a helpful way to indicate support, but membership alone is unlikely to effect change. Each MP member needs to actively hold the Government to account in the House of Commons by making representations to the new Minister, Steve Barclay, on behalf of their constituents. People who did the right thing by saving for their retirement have been badly let down. We believe that now is the appropriate time for Equitable Life policyholders to be fully compensated for the relative loss which the Government accepts they have suffered.

EMAG’s campaign for justice has been a long and difficult one. We hope, with your help, to look forward to further successes this Parliament with your continued support for our cause.”

Paul Braithwaite, General Secretary, Equitable Members’ Action Group (EMAG)

Good riddance to Simon Kirby

EMAG found that dealing with the last Economic Secretary to The Treasury, Simon Kirby MP, to be grim. In particular, his summing up in the Commons’ debate on 23rd March was flagrantly inaccurate. It gave rise to a formal written complaint that he had misled the House. The matter was not resolved when Simon Kirby lost his Brighton (Kemptown) seat on 8th June. Good riddance!

Welcome to the new minister

The newly appointed Economic Secretary to The Treasury is Stephen Barclay, Conservative MP for North East Cambridgeshire. EMAG wrote to welcome him to his new ministerial position 16th June. Read the letter here.
Find out more about the man himself here.

ELPS payments failure?

A number of EMAG’s overseas members have been complaining to us that their WPA annual payment from the ELPS scheme due to be paid by cheque in May has not been forthcoming. All The Treasury will say is that they should write to the new scheme address in Darlington:

Equitable Life Payment Scheme
PO Box 414
11b Lingfield Point

They adamantly resist giving out any phone number but it appears that administration has quietly been switched to Capita.

We have learned today from an EMAG member in Portugal that ELPS are now sending letters about the delay, promising payment by cheque in JULY! Not good enough!

EMAG's successful Westminster Rally, 22nd October, 2014

EMAG's campaign objectives

EMAG will campaign until fair compensation is awarded to the million victims of the Equitable Life scandal.

For the majority 945,000 victims

95% of Equitable's with profits policyholders have received just 22% of the Treasury's calculation of their ‘relative losses’ without any interest paid from 2009 onwards.

With the economy at last recovering, we are campaigning for a commitment that victims will receive the missing 78% of their compensation entitlement.

For the pre–1992 WP Annuitants

We are campaigning to get MPs to insist that the 10,000 pre–September 1992 WP Annuitants are compensated on exactly the same terms as those who took their WP Annuity after that date. We view the current flat rate £5,000 as a welcome down–payment.

For the post–1992 Annuitants

For the 37,000 WP Annuitants who are receiving an alleged ‘100% of their relative losses’ we are seeking dialogue with The Prudential to see why annuity payments continue to fall every year.