Thousands of Equitable Life victims who annuitised before 1992 will receive no compensation despite a proposed amendment to include them in the government's repayments package.
After several hours' debate in the House of Commons this afternoon, MPs voted to reject the amendment from Labour MP Fabian Hamilton to compensate 10,000 Equitable with-profits annuitants who bought their policies before 1992. A total of 301 MPs voted against the amendment, whilst 76 voted in favour, after a speech from Treasury secretary Mark Hoban rejecting many of the claims put forward in the amendment. Hoban said Equitable Life paid out more to pre-1992 with-profits annuitants than they would have done if there was no maladministration. He said it overpaid these policyholders' bo...
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