‘Fair’ payments for Equitable Life policyholders - Money - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

‘Fair’ payments for Equitable Life policyholders

‘Fair’ payments for Equitable Life policyholders

Category: Money

Updated: 25/05/2010
First Published: 25/05/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
The new coalition government has pledged to make fair and transparent compensation payments to around one million policyholders hit by the near collapse of Equitable Life.

The plans outlined in the Queen's Speech to Parliament confirmed the government wants to establish an independently designed payment scheme for the insurer's policyholders that is 'swift, simple, transparent and fair'.

A final report will be published in mid July along with a detailed update outlining the steps intended to be taken towards implementing the payment scheme.

Although its design is likely to be determined by an independent commission, it was confirmed that there will be no means testing, and that the dependents of deceased policyholders will be included.

"For almost a decade, Equitable Life policyholders have fought for a just resolution in relation to losses suffered as a result of regulatory failure", Mark Hoban, Financial Secretary to the Treasury.

"I am very aware of the acute concern among policyholders who have suffered loss, and the desire to achieve redress quickly."

Amongst the other bills unveiled, the Financial Reform Bill will see responsibility for banking regulation shift away from the Financial Services Authority to the Bank of England.

The phasing out of the default retirement age and timetable for raising the state pension age will be legislated for under the Pensions and Savings Bill. The link between earnings and the state pension will also be restored from 2012.

However, the Queen said that the first priority of the government was to reduce the deficit and restore economic growth.


Find the best savings rates for you - Compare savings accounts

Find the best mortgage rate - Compare best selling mortgages

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Have your financial habits changed?

2016 was certainly a turbulent year, and it's had a notable impact on household finances. Indeed, research shows that recent events have influenced the way over half of UK respondents manage their finances, with many becoming more cautious.

Kids got £180 in pocket money in 2016

New research has revealed that kids aged 4-14 received an average of £180.44 in pocket money over the last year, which was topped up by an additional £47 on average received in cash over the Christmas period.

How much could it cost to get fit in 2017?

We’re almost a week into 2017, and hopefully, many of those New Year’s Resolutions are still going strong. Figures suggest that the most popular resolution is to achieve a healthier lifestyle, but just how much could that ambition set you back?
 
Close