27 May 2010
The Financial Secretary to the Treasury Mark Hoban has confirmed
that the Government will establish an independent compensation
scheme for Equitable Life policyholders. Mr Hoban said the scheme
would be "swift, simple, transparent and fair".
The final report from Sir John Chadwick (see previous TPAS news
items) on Equitable Life is due to be received by mid July, after
Sir John requested an extension to the original date.
Mr Hoban said: "For almost a decade, Equitable Life
policyholders have fought for a just resolution in relation to
losses suffered as a result of regulatory failure.
"I am very aware of the acute concern among policyholders who
have suffered loss, and the desire to achieve redress quickly.
While there will be frustration at this short delay, it is
important that our approach is thorough and fair.
"The Government is working hard to address the situation as
quickly as possible so that we can establish an independently
designed payment scheme for Equitable Life policyholders that is
swift, simple, transparent and fair, as recommended by the
Parliamentary Ombudsman."
Coinciding with this statement the Treasury updated their
webpage with a new Equitable Life section on their webpage. This
includes details of the new government's approach to the matter, a
list of frequently asked questions from policyholders with answers,
the last interim report and an open letter from Sir John Chadwick
on his reasons for asking for an extension on his final
response.
http://www.hm-treasury.gov.uk/fin_equitable_life.htm
