Equitable Life

Treasury written question – answered on 11th March 2009.

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Photo of Paul Burstow Paul Burstow Shadow Chief Whip (Commons)

To ask the Chancellor of the Exchequer pursuant to the statement of 15 January 2009, Hansard, columns 377-80, on Equitable Life, what his estimate is of the length of time it would take to make compensation payments as recommended by the Ombudsman; and what estimate he has made of the time it will take for all compensation in accordance with the Government proposals to be made.

Photo of Ian Pearson Ian Pearson Parliamentary Under-Secretary (Economic and Business), Department for Business, Enterprise & Regulatory Reform, Economic Secretary (Economic and Business), HM Treasury

The Government intend to set up an ex-gratia payment scheme that can pay out as swiftly as possible, taking account of the practical considerations involved. The Government will work on these practical issues in parallel with the work that they have asked Sir John Chadwick to undertake. Until the work is complete, it will not possible to make an estimate of how long it will take to make payments under the scheme. The Government will keep the House updated and report back on progress at regular intervals.

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