Liberal Democrats in Business

News and views from the Lib Dem Trade and Industry Team, Vince Cable and Brian Cotter

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."

[Print this story]
[Previous story]: Sony Job Cuts: Trepidation For UK Workforce (Tue 28th Oct 2003).
[Next story]: Lending Figures Leave People Brutally Exposed (Wed 29th Oct 2003).
[Other news stories from October 2003 (43)]

Related News Stories:

Wed 19th May 2004:

[Equitable Life: Ombudsman Should Investigate Further]

Wed 28th Apr 2004:

[Equitable Life Must Avoid Wasting Limited Funds On Legal Action - Cable]

Wed 31st Mar 2004:

[Inequitable Decision By Equitable Life - Cable]

Wed 24th Mar 2004:

[Equitable Life Refuses To Release Vital Figures ]

Wed 10th Mar 2004:

[Charles Kennedy: Ombudsman Investigation Needed Into Regulation Of Equitable Life]

[Equitable Life: Government May Have Case To Answer In Europe]

Tue 24th Feb 2004:

[Brown Cannot Duck Responsibility Over Equitable Life Losers]

Fri 23rd Jan 2004:

[Fraud Office Investigation Will Give New Hope To Equitable Life Losers - Cable]

Thu 27th Mar 2003:

[Report Throws New Complexion On Equitable Life]

Wed 12th Mar 2003:

[Compensate All Equitable Life Victims, Not Just Complainants]

Printed and hosted by Prater Raines Partners, 16 Riviera Court, Sandgate High Street, Folkestone CT20 3RP.
Published and promoted by Liberal Democrats in Business, 4 Cowley Street, London SW1P 3NB.
The views expressed are those of the party, not of the service provider.