Inequitable Decision By Equitable Life - Cable

4.20.00pm UTC (GMT +0000) Wed 31st Mar 2004

Equitable Life's reluctance to reveal the amount of money lost by policyholders is unfair to those who may have lost life savings, and could hamper their case for compensation according to Liberal Democrat Shadow Chancellor Dr Vincent Cable.

Dr Cable said: "Following the Penrose report, Equitable Life is right to demand a ruling on maladministration by the Parliamentary Ombudsman."

"I am however very concerned that important information on how much policy holders have lost as a result of the crisis is being kept hidden."

"I have asked the Treasury in a Parliamentary Question to publish this data.The Treasury has this information and is willing to release it but tells me that Equitable Life is blocking its release on the grounds of 'commercial confidentiality'."

"I cannot understand why information required to bolster investors' cases for compensation is being kept secret. Equitable Life has a duty to help past and existing customers who have lost money in any way it can."