Regulator ‘asleep at the wheel’
The government has said it will close the scheme set up to compensate Equitable Life savers to new claims in December.
The government's Equitable Life Payments Scheme (ELPS) has now issued over £990.5m worth of payments.
The Equitable Life Payment Scheme (ELPS) has paid out £816m to 717,600 policyholders.
The Treasury has spent more than £2.6m on administering the Equitable Life payments scheme (ELPS) in the three months to November, government figures have shown.
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The government will start to make payments to those Equitable Life policy holders who purchased their policies before 1992 and are still alive, in December.
The government has extended a payment scheme for Equitable Life policy holders to mid-2015 and is due to launch an advertising campaign to encourage more policyholders to come forward.
The Treasury is to launch an advertising campaign promoting the Equitable Life compensation scheme after a damning report said its performance had been "unacceptably poor".