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A four-year investigation by Parliamentary Ombudsman Ann Abrahams led her to recommend in July that the government apologise to Equitable Life policyholders and establish a fund to pay compensation to those who lost out. (See previous article.)

From 1998 to 2001 the insurer continued to take on new business despite its downward spiral into bankruptcy, resulting in thousands of policyholders losing money they had invested in the company via pension plans.

However, so far the government has made no official response.

Liberal Democrat MP Jo Swinson, who organised the cross-party letter, said it is time the government realised Equitable Life policyholders are not going to give up and go away.

"After eight years and 13 reports, ministers must realise that Equitable Life policyholders aren’t going to give up.

"Over 30,000 Equitable Life policyholders have died since the events of 2000. For them, justice delayed has been justice denied.

"The time has come for the government to face up to its responsibilities to Equitable Life policyholders.

"For the sake of justice for policyholders, for the credibility of the Parliamentary Ombudsman and for the confidence of those saving for retirement, the chancellor must now name the date on which the government will make its response," she added.