BusinessBusiness RecoveryOutrage at government stalling on Equitable compensation fund

Outrage at government stalling on Equitable compensation fund

UK government delays decision on compensation fund for more than a million Equitable Life policyholders until New Year

The government has been criticised for failing to keep its promise to have a
decision by the end of next week on whether to establish a compensation fund for
Equitable Life
policyholders.

Harriet Harman, Leader of the House of Commons, told MPs yesterday that the
government would not be making a statement on Equitable until the week beginning
January 12, when Parliament sits after the Christmas break, The Times
reports.

The decision, already delayed once, has left more than a million
policyholders, who lost an estimated £4bn when Europe’s oldest mutual nearly
collapsed, waiting until next year to learn the outcome.

The lack of action has angered Vanni Treves, Equitable Life chairman. ‘It is
an outrage that the Prime Minister continues to treat our policyholders with
such contempt,’ he said.

Further reading:

Equitable forced to abandon fund sale

Govt accused for missing Equitable warning signs

Read
The Times story

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