Tuesday, 12 October 2010

Getting to grips with Equitable Life, police visits and a big surgery




Packed latter part of the week after the return from conference. Had a big surgery on Thursday - which started with a visit to County Hall and a visit to Daljit Lally.
Then a packed surgery resolving all manner of problems.
On Friday I had a meeting with the local members of Equitable Life. At its peak it once had over one and a half million policyholders with funds worth around £26 billion under it's management.

However its huge liabilities and a failure of regulation led to massive losses and the business being closed to new business in 2000. Many elderly people or nearing retirement lost out on their pensions; often in the tens of thousands of pounds, and sometimes running towards the hundreds of thousands.

It has dragged on for many years without resolution. But we have to try and sort it out: I have corresponded with them and then today hired the Beaumont Hotel to meet with policy holders from EMAG. I decided to hold an old fashioned public meeting to really get to grips with the issue and hear peoples concerns first hand.

I invited Chris Harlow along from EMAG, and together we all had a strong debate about what the future for policyholders was for 1 and 1/2 hours and what we could do going forward. I am going to the metting on Thursday 14th in the House of Commons.
Finished the day with a police visit - much discussion with the police as to Police Commissioners