The Government will only compensate Equitable Life policyholders who were 'disproportionately affected' by the maladministration of the scheme but victims may not see their money for well over two and a half years.
Speaking in parliament today, Treasury minister Yvette Cooper apologised to Equitable Life's customers on behalf of public bodies and Governments that failed to prevent the mutual from collapsing. Cooper says the Government has finally agreed to give payouts to some of the million-plus investors who lost up to half their savings when the firm was brought to its knees in 2000. However, policyholders will not necessarily receive 100% compensation, and the Government has warned it may take some time for those who lost out to reclaim their money. In a ministerial statement today, the chief...
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