Equitable Life Policyholders: Compensation

Desmond Swayne Excerpts

Thursday 22nd October 2026 Westminster Hall

[Fabian Hamilton (Leeds North East) (Lab)]

I beg to move, 

That this House has considered the matter of compensation for Equitable Life policyholders. 

It is an honour to serve under your chairmanship, Ms Furniss. I thank hon. and right hon. Members for attending this debate. Before I begin, I hope you will allow me to convey the apologies of a long-standing supporter of justice for Equitable Life policyholders, the right hon. Member for Goole and Pocklington (David Davis). He is sadly unable to join us this afternoon, but he has asked me to say that he has several constituents, as we all do, who remain without full redress following the collapse of Equitable Life. He asked me to mention those victims of the scandal in my speech today.

[Sir Desmond Swayne (New Forest West) (Con)]

On the issue of stalwart supporters, the hon. Member for Leeds North East (Fabian Hamilton) has been a magnificent supporter. I have come along to these debates for several years, and what I am looking for is at least some prospect of a result, because we have done this year in, year out. I have affected constituents, and I still support them, but what we need from the Minister is at least some sign that we are not flogging a dead horse.

[Fabian Hamilton]

I thank the right hon. Gentleman—and, dare I say, my right hon. Friend. We have known each other for many, many years, and he has also been a stalwart supporter. If he and the Minister have enough patience and are able to listen to what I have to say, they will hear me offer certain ideas that I hope will be pursued, because it is about time this issue was wrapped up for good.

I am grateful to all those who have continued to campaign for justice for the victims of Equitable Life and the scandal that followed, including the Equitable Members Action Group, whose work has helped to keep this issue before parliamentarians, as the right hon. Member just pointed out.

Of course, this debate is about more than just money; it is about fairness, accountability and the relationship between the state and the people it is supposed to represent and protect. It is about whether people who worked hard, saved responsibly for their retirement and trusted the regulatory safeguards established by Parliament should be left to bear the consequences of acknowledged Government and regulatory failure.

My central argument is therefore straightforward: the state has accepted responsibility for serious regulatory maladministration that caused policyholders substantial financial losses, yet the majority of those policyholders received only a fraction of the compensation for their losses. That injustice remains unresolved, and I believe the Government should now take practical steps to put it right.