EMAG F.A.Q.

Am I eligible for compensation?

The PO has recommended compensation for those who were Equitable Life With-Profit policyholders and who suffered loss through maladministration. Broadly this covers:

1. those who paid premiums after July 1991
2. those who suffered the 16% policy value cut of July 2001

I moved my money elsewhere after July 2001. Am I still eligible?

Yes. The majority (by value) of Equitable Life sufferers have moved out since July 2001

My husband/wife lost money in Equitable Life and has since died. Am I eligible?

Yes. EMAG expects the Compensation Scheme to include the estates of policyholders, who have since died.

How much will I get?

The PO has not quantified the amount of compensation. The Government has yet to respond to her findings and recommendations. The Conservative opposition has said:

'We believe that the Government should accept the Ombudsman's findings and act promptly….We will be putting sustained pressure on the Government to move quickly on this. If the Government fails to act, then we will.'

The opposition has also said that:

'Policyholders should-not expect to receive payment for the full loss they suffered’ and ‘Any payments made should… be consistent with maintaining sound public finances.'

EMAG’s view is that the level of compensation depends heavily upon the degree of political pressure that policyholders exert upon their MP’s and contending candidates.

What can I do?

1. Write to your MP and send a copy to the contending candidate in your constituency
2. Join an EMAG regional group
3. Join EMAG