The government is making 10,000 compensation payments to Equitable Life victims every week, Mark Hoban, financial secretary to the Treasury, has announced.
The number of weekly payments will be increased in the coming months in order to achieve the government's target of compensating all of the victims within three years, Hoban said.
The announcement comes after some Equitable Life investors complained only 10,000 of the 945,000 policyholders due compensation had received in December last year.
Hoban added payments to with-profits investors who annuitized after 1992, a separate group of Equitable Life investors, have also begun and 3,000 have received their money already.
The payments scheme, announced in May 2011 and started the following month, will pay out £1.5bn in compensation to most of the surviving victims of the Equitable Life collapse.
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