Equitable Life Assurance Society: Compensation
The question
To ask the Chancellor of the Exchequer, whether she plans to appoint an independent commissioner who would be responsible for outstanding losses from the Equitable Life scandal.
Answered by Torsten Bell
Under plans put in place by the Liberal Democrat and Conservative coalition Government, the Equitable Life Payment Scheme was fully wound down and closed in 2016. The only remaining part of the Payment Scheme in operation is the annual payments made to eligible With-Profit-Annuitants and the Scheme is on track to distribute the remainder of the £1.5 billion as planned.
There are no plans to reopen any decisions relating to the Payment Scheme. Further guidance on the status of the Payment Scheme after closure is available at: https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme.
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