Mark Hoban

The first of the Equitable Life compensation payments will be sent out today.

Consumer groups will have the power to insist regulators investigate complaints of mass mis-selling of financial products when the Financial Conduct Authority takes over in 2013, Mark Hoban, financial secretary, will announce today.

Financial secretary to the Treasury Mark Hoban has defended auto-enrolment and the National Employment Savings Trust (NEST) after a senior pension adviser labeled them the next mis-selling scandal.

The government is considering giving the Money Advice Service responsibility for running debt advice firms, Mark Hoban financial secretary to the Treasury has said.

The government has given the green light to reforms which will mean insurers, not consumers, have the responsibility to provide all information regarding underwriting risk.

Equitable Life policyholders came a step closer to finally receiving compensation today, as the Treasury laid out its plans for its £1.5bn Payments Scheme.

The government will look to exempt small financial services firms from further regulation for three years when it writes new powers for the FSA's successor.

The government has confirmed its moratorium on new regulation for small businesses does not affect ongoing or future activities by the FSA.

Just 16 MPs have signed an Early Day Motion (EDM) in Parliament calling for an immediate review of the FSCS.

Financial secretary to the Treasury Mark Hoban has confirmed the government is on track to begin paying compensation to Equitable Life victims before the end of June.