Speaking during a debate on the Equitable Life (Payment) Bill, SNP Westminster spokesperson on Regulatory Reform, Mike Weir MP, hit out at the way the Coalition Government was ignoring the recommendations of the Parliamentary Ombudsman and had set an arbitrary cap on compensation.

Commenting, Mr Weir said:

“The cap on compensation set by the government is both arbitrary and inadequate.

“After waiting for more than a decade for justice, policyholders will be bitterly disappointed by what is on offer and the way that this has been handled by successive UK Governments.

“Despite accepting the Ombudsman’s report, which found maladministration by regulators and Whitehall officials, the UK Government is still unprepared to take responsibility for these failures and offer compensation those who have lost out through no fault of their own.

“After more than a decade of dithering it is now decision time, and Ministers must end the delay and uncertainty. It is disgraceful that the last Labour government left policyholders waiting indefinitely for justice, indeed, thousands have died since this process began.

“We need a speedy and fair resolution to this saga which has dragged on for far too long.”