Equitable Life policyholders will have to wait until the middle of next year for compensation, which could be as little as £400m.
This figure is way off the £5bn the Equitable Life Members Action Group has been campaigning for on behalf of 1.5 million savers after the UK's oldest insurer collapsed over a decade ago. Mark Hoban, financial secretary to the Treasury, announced today the compensation amount could be between £400m and £500m with payments likely to start in the middle of next year. This figure has been calculated using Sir John Chadwick's report into the crisis, published today, and other work by actuarial firm Towers Watson. The reports found policyholders' relative loss, comparing what their poli...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
