Equitable Life scheme pays out £277m to policyholders

In the scheme's progress report, it revealed that it has written to 90% of policyholders who are due to receive compensation. This represents a sudden increase in scheme payments and contact with policyholders since January this year. At the start of the year, the scheme had paid out £70.75m to 95,000 policyholders (PP Online 6 February). This means that almost two-thirds of policyholders have received them so far, Mark Hoban, financial secretary to the Treasury said in a House of Commons statement yesterday. "There is a group of individual policyholders for whom the data proces...