MPs have been criticising the Treasury regarding their handling of the compensation scheme for Equitable Life policy holders. On its own admission the Treasury estimates that between 17% and 20% of eligible policy holders may not receive the compensation they are due as they cannot be traced.
The current Equitable Life Payment Scheme is due to close March 2014. Any policy holders who have not been compensated by this date will lose out.
MPs were particularly annoyed that the Treasury had not taken advantage of data offered to them by the Equitable Members Action Group. They had provided contact details for 350,000 policy holders. The data was not used due to concerns about Data Protection.
Further, the Treasury does not intend to publicise the formal closure of the scheme until September 2013, which limits the time for unpaid policy holders to respond and file an application for compensation.
If you have had a qualifying policy and have received no compensation as yet, take a look at the Equitable Life Payment Scheme website at https://equitablelifepaymentscheme.independent.gov.uk
