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Equitable Life Assurance Society: Compensation

Treasury written question – answered on 29th June 2020.

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Photo of Alexander Stafford Alexander Stafford Conservative, Rother Valley

To ask the Chancellor of the Exchequer, what steps he is taking to ensure victims of the Equitable Life scandal receive their full entitlement of compensation.

Photo of Alexander Stafford Alexander Stafford Conservative, Rother Valley

To ask the Chancellor of the Exchequer, what assessment he has made of the accuracy of payments made through the Equitable Life Payment Scheme.

Photo of Alexander Stafford Alexander Stafford Conservative, Rother Valley

To ask the Chancellor of the Exchequer, what steps he is taking to 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.

Relevant records will be retained as long as it is legal to do so.

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