Hoban confirms Equitable Life Bill will go ahead
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Financial Secretary to the Treasury Mark Hoban has today confirmed the Government will establish an independently designed payment scheme for Equitable Life policyholders that is “swift, simple, transparent and fair”.
Hoban announced that the Government will take forward a Bill to enable payments to be made in relation to Equitable Life, as included in today’s Queen’s Speech to Parliament.
The Government says that the final report from Sir John Chadwick in relation to Equitable Life will be received by mid July.
The Government has agreed to Chadwick’s request for a short extension to the stated timetable.
Chadwick’s final report will be published along with an update, including next steps towards implementing an independently designed payment scheme.
The Government says it believes that the design of the scheme should be determined by an independent commission. However, it has confirmed that there will be no means testing and that the dependents of deceased policyholders will be included.
Hoban says: “For almost a decade, Equitable Life policyholders have fought for a just resolution in relation to losses suffered as a result of regulatory failure.
“I am very aware of the acute concern among policyholders who have suffered loss, and the desire to achieve redress quickly. While there will be frustration at this short delay, it is important that our approach is thorough and fair.
“The Government is working hard to address the situation as quickly as possible so that we can establish an independently designed payment scheme for Equitable Life policyholders that is swift, simple, transparent and fair, as recommended by the Parliamentary Ombudsman.”
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Readers' comments (6)
Incompetent Regulators Award Team | 25 May 2010 4:19 pm
Dear Mr Hoban
What about the financial and regulatory abuse IFAs have had to put up wit form the FSA for the last 10 years?
Are you going to ignore it? Is it because you have friends at the FSA?
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Exasperated me | 26 May 2010 11:37 am
Rewarding his MPs and voters at our expense.
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Illiterate Advisers Awards Team | 26 May 2010 11:53 am
FAO: Incompetent Regulators Award Team
What about all the abuse you threw at Mr Hoban during a telephone conversation, did that do the IFA cause any good?
Does the constant hurling of verbal abuse do anybody any good?
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Anonymous | 26 May 2010 1:14 pm
FAO IAAT No, not even the most eloquent orator would be listened to. No one cares about IFAs.Least of all Mr Hoban.
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Incompetent Regulators Awards Team | 26 May 2010 1:16 pm
FOA Illiterate Man
Perhaps you haven't read or understood most of the post about the sentiment about this man. Try reading them 1st and don't jump to conclusions when you know little.
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Dr RH (Bob) Johnson | 6 Aug 2010 3:25 pm
When in opposition the PM Cameron and Hoban seemed to be on our side pressing for proper compensation. Now in power they appear to be changing direction.Those of us who voted Conservative have every right to feel betrayed.
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