Independent policy advisor slams Equitable life compensation scheme
www.moneynews.co.uk > General finance > Independent policy advisor slams Equitable life compensation scheme
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Independent policy advisor slams Equitable life compensation scheme
Fri 16th Jan 2009
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Dr Ros Altmann said that the compensation plan, which was announced by Yvette Cooper, the chief secretary to the Treasury, today, is not comprehensive enough.
Ms Altmann said that the scheme is restrictive both in the amounts it will pay out and the number of people it will compensate.
She added: "It seems clear to me that the Government's response […] is aimed at paying out as little as it can get away with, as slowly as possible, to as few people as possible.
"This is the start of yet another chapter in the fight for compensation, rather than a conclusion."
Equitable Life was forced to cut payments to its pensions and insurance policy-holders in 2000 to stave off collapse.
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