Stalling on Equitable Life enquiry increases pensioners' misery
February 4, 2003 12:00 AM
The Chief Executive of Equitable Life, the failed insurance company has been quizzed by local MP Andrew Stunell in Westminster on the pension crisis the firm's collapse has triggered. Mr Stunell told Chief Executive, Charles Thomson that dozens of constituents faced massive cuts in their pensions as a result of the company's failure.
Mr Stunell said "Investigating the action of the Financial Services Authority is more urgent than ever. The FSA was very slow off the mark and failed to get a grip on the pension's crisis when it could. Now that Equitable Life has announced a slash in its bonus payments, it's essential that individuals with a claim seek compensation through parliament. "
"These new round of pension cuts are deep and many Stockport residents are facing real difficulties making provisions for retirement. It's time for the Government to stop leaving them to hanging and faced their responsibility to people who followed their advice and saved."
"By prolonging these enquiries needlessly the Government just increases the sense of doom and gloom for millions who put their trust in savings. ENDS
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