23 July 2010
HM Treasury has published an update on the progress of the
Equitable Life review. It is now expected that those eligible for
compensation will start to receive redress from the middle of
2011.
The Treasury minister Mark Hoban confirmed that around 1.5
million policyholders would be compensated for their "relative loss
as a consequence of regulatory failure".
An independent commission has been set up to recommend on the
best way to allocate payments. However Mr Hoban warned:
"The scheme will be a significant spending commitment for this
government and cannot be considered in isolation from the other
spending decisions that it will need to make over the coming
months, and what is affordable in that context"
All the official details published thus far can be found on the
HM Treasury webpage here:
http://www.hm-treasury.gov.uk/fin_equitable_life.htm
