Richard Ottaway MP: Press releasses

PRESS RELEASE

5 November2003

WE MUST NOT BE FOBBED OFF WITH EXCUSES OVER EQUITABLE LIFE SAYS OTTAWAY

Richard Ottaway, MP for Croydon South, speaking in the House of Commons yesterday, has demanded that the Government act decisively in bringing the Equitable Life saga to a close. (See House of Commons Hansard).

Equitable Life closed to new business in December 200 having made financial promises to policyholders that it could not afford to honour. Many thousands of policyholders' retirement savings were slashed. The Penrose Enquiry into the affair was announced by the Government in August 2001. More than two years later the Enquiry has not reported and there is concern that the publication of part of the Enquiry Report will be blocked.

Richard Ottaway says:-

"Many people listening to the Minister's reply will be dismayed by her remarks. She gave no undertakings on the publication of the Report and confirmed that it would not necessarily be published in full."

"In the meantime I will continue to press for action to bring this sorry matter, which is causing misery to thousands, to a close".

ENDS.

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