Equitable Life Payment Scheme

Sajid Javid Excerpts

Wednesday 9th October 2013 Written Statements

[The Financial Secretary to the Treasury (Sajid Javid)]

The Government announced today that the Equitable Life payment scheme (“the scheme”) will be extended to 2015.

The Government are taking this action to make sure as many Equitable Life policyholders as possible receive the payment they are due for the injustice they suffered. The scheme’s latest progress report confirmed that policyholders have already received £734 million in payments, and since then payments continue to be made.

Despite this good progress, the Government want to maximise the number of people who receive their payment. This has been our aim from the start of the scheme, but because the address information received from Equitable Life can be up to 20 years old, or non-existent in some cases, the scheme has been unable to trace a number of policyholders.

We will shortly launch a national advertising campaign to encourage eligible policyholders to come forward and claim their payment. This work will complement the ongoing work the scheme is doing to trace policyholders. By extending the scheme we are giving this work a greater chance of success.

Any policyholder who believes themselves to be eligible for the scheme, but has not yet been contacted, is encouraged to call the scheme directly on 0300 0200 150 where they will be advised of the next steps to take.