Equitable Life claimants will have appeal process
Equitable Life claimants will be able to appeal against decisions made in the compensation process.
Speaking in the House of Lords this week, Treasury commercial secretary Lord Sassoon said policyholders would be able to raise a challenge if they believed the rules had been misapplied in their case.
He said: “Full details will be included in the document setting out the scheme design, but it will include a process whereby, if a policyholder believes the rules of the scheme have been incorrectly applied to his or her data, he or she will be able to raise a query with the delivery body.”
He added that if the challenge was accepted by the delivery body, proposed to be the Treasury-backed National Savings and Investments, a recalculation would take place.
If the challenge is rejected the policyholder can take their case to a review panel.
Sassoon said: “The review panel will be independent of the original decision-making process and will be suitably qualified to consider the complaint in full according to public law.”
The Independent Commission on Equitable Life is currently consulting on how to distribute the £1.5bn compensation pot announced at the spending Review.