Eq Life payouts could be as low 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...