Vernon Coaker – 2015 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Vernon Coaker on 2015-02-10.

To ask Mr Chancellor of the Exchequer, what plans he has to review the level of compensation paid to Equitable Life policy holders; and if he will make a statement.

Andrea Leadsom

The Government accepted all the Parliamentary Ombudsman’s findings of government maladministration and established the Equitable Life Payment Scheme. Taking into account of the state of the public finances, to be fair to both policyholders and tax payers, the Government allocated £1.5 billion to fund payments to around one million Equitable Life policyholders. At 31 January 2015 payments surpassing £1 billion have been issued to 896,367 policyholders.

The Government is focussed on making the remaining payments to eligible policyholders and has no plans to increase the levels of funding available to the Scheme.