Equitable Life redress scheme costs Treasury £2.6m in three months

Treasury expenses data for November last year (£25,000+) revealed that operational costs of the scheme in August and September alone cost the government £2.2m, while it spend £350,000 on 'implementation' in August. It spent a further £136,000 on actuarial support from Towers Watson in respect of the scheme in the months September and October. The Treasury said the figures were in line with expected operational costs for the scheme, as the total administration budget was set at £57m by the National Audit Office (NAO) in April last year. However, it admitted that the budget may need ...