Severe delays and errors have hit the payment scheme set up by government to compensate victims of Equitable Life, a report from the National Audit Office (NAO) has found.
The NAO said the speed at which the Treasury set up the scheme had hindered its efficiency and effectiveness. It said data for making payments was old and incomplete and many practical issues had to be overcome including having to trace over one million people and confirm their identity. The report said: "As there is still a large number of payments to be made, the scheme runs the risk of failing to meet payment targets and overrunning on costs." It added the Treasury had been given a "difficult challenge" in terms of setting up the complex scheme in a short space of time but not e...
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