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Equitable Life Assurance Society: Compensation

Treasury written question – answered on 22nd May 2020.

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Photo of Sammy Wilson Sammy Wilson Shadow DUP Spokesperson (Treasury), Shadow DUP Spokesperson (Work and Pensions), Shadow DUP Spokesperson (Brexit)

To ask the Chancellor of the Exchequer, what recent steps he has taken to ensure that victims of the Equitable Life scandal receive full compensation.

Photo of Sammy Wilson Sammy Wilson Shadow DUP Spokesperson (Treasury), Shadow DUP Spokesperson (Work and Pensions), Shadow DUP Spokesperson (Brexit)

To ask the Chancellor of the Exchequer, what assessment he has made of the accuracy of compensation payments to people affected by the collapse of Equitable Life.

Photo of Sammy Wilson Sammy Wilson Shadow DUP Spokesperson (Treasury), Shadow DUP Spokesperson (Work and Pensions), Shadow DUP Spokesperson (Brexit)

To ask the Chancellor of the Exchequer, if he will ensure that the data needed to make further payments to Equitable Life policyholders is retained.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

There are no plans to reopen the Payment Scheme or review the £1.5 billion funding allocation previously made to it. The Equitable Life Payment Scheme closed to claims in 2015 and further guidance on the status of the Payment Scheme after closure is available at https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme.

The methodology for calculating payments to Equitable Life policyholders was published in 2011 and can be found at https://www.gov.uk/government/publications/equitable-life-payment-scheme-design.

The relevant data will be retained as long as it is legal to do so.

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