Stockton North’s Labour Member of Parliament is urging people who had pensions with Equitable Life to make sure they get the compensation promised to them by the Government before it is too late.
With as many as 400 people in Stockton North missing out on thousands of pounds in compensation, Alex Cunningham is encouraging everyone who may be entitled to compensation to check their eligibility.
The Equitable Life Payments Scheme was set up in 2011 to pay up to £1.5 billion to victims of the Equitable Life scandal, and £600 million has already been paid out. But many people have moved without updating their contact details, while others seem to be unaware that they are entitled to a payment. The Treasury is planning to shut down the scheme in 2015, with many pensioners at risk of remaining unpaid.
The Parliamentary Ombudsman found that UK financial regulators had failed the firm’s customers every single year throughout the 1990s and called on the Government to pay compensation to the victims of the scandal.
“Although 450,000 people have now received a compensation cheque, about 20% remain untraced. These people risk missing out altogether if they do not make their claim.
“It would be a tragic shame if, having worked all their lives, these pensioners miss out on the money that has been allocated to them, and I encourage everyone across the Stockton borough who may have an eligible policy to check to see if they are entitled.”