Equitable Life Assurance Society: Compensation

Treasury written question – answered on 12th July 2010.

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Photo of Sajid Javid Sajid Javid Conservative, Bromsgrove

To ask the Chancellor of the Exchequer pursuant to the written ministerial statement of 26 May 2010, Official Report, columns 51-2WS, on Equitable Life, what progress he has made on his plans to make fair and transparent payments to Equitable Life policyholders through an independently designed payment scheme; and if he will make a statement.

Photo of Alun Cairns Alun Cairns Conservative, Vale of Glamorgan

To ask the Chancellor of the Exchequer what timetable has been set for making payments to former Equitable Life policy holders; and when he expects the first such payment to be made.

Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury

Later this month, the Government will provide a detailed update on the steps towards implementing an independently designed payments scheme. This will be alongside Sir John Chadwick's report on relative losses suffered by Equitable Life policyholders as a consequence of the findings of maladministration and injustice made by the Parliamentary and Health Service Ombudsman.

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