Equitable Life: Complaints Procedure "Totally Unacceptable"

12.46.33pm GMT Tue 28th Oct 2003

Norman Lamb MP, Lib Dem Treasury Select Committee Member

The Complaints Commissioner for the Financial Services Authority, Rosemary Radcliffe, giving evidence to the Treasury Select Committee today agreed that it was 'totally unsatisfactory' that 4 separate investigations had taken place in to the Equitable Life financial crisis.

Responding to questioning by Norman Lamb MP, Liberal Democrat Member of the Select Committee, the Complaints Commissioner told the Committee that she did not believe that people who had chosen one particular route of complaint should be compensated where others were not.

Mr Lamb said: "Everyone who was burnt in the Equitable Life scandal faced total confusion as to how to go about getting compensation."

"All who have suffered should be compensated, regardless of which route they took to complain."

"There must be an overhaul of this crazy and costly system for complaining about financial services products and companies."