Asked by: Tulip Siddiq (Labour - Hampstead and Kilburn)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his department requested the publication of Towers Waston's calculations of the relative losses of Equitable Life policyholders affected by maladministration.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The methodology for calculating payments to Equitable Life policyholders was published in 2011 and can be found at: www.gov.uk/government/publications/equitable-life-payment-scheme-design.
Asked by: Tulip Siddiq (Labour - Hampstead and Kilburn)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how much of the £1.5 billion in announced by the Treasury for compensating Equitable Life policyholders has not been spent as of 24 June 2022.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
At 31 May 2022, the total value of payments made by the Equitable Life Payment Scheme was £1,305,099,430.44
Oral Evidence Mar. 07 2023
Committee: Treasury Committee (Department: HM Treasury)Found: the changes to Solvency II are going to increase the probability that an insurer fails in the way Equitable
Oct. 12 2022
Source Page: Private healthcare market investigationFound: players had exited the market, for example as the consequence of PruHealth™s acquisition of Standard Life
Oct. 27 2022
Source Page: UK/New Zealand: Free Trade Agreement [CS New Zealand No.1/2022]Found: maintaining measures for prudential reasons ,3 including: (a) the protection of investors, depositors, policyholders
Found: (who may for example rely on life insurance policies for a primary source of income), and for many
Asked by: Bob Blackman (Conservative - Harrow East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will ensure that Equitable Life policyholders who invested in regulated products will be entitled to similar levels of compensation to those who invested in unregulated mini-bonds marketed by London Capital and Finance.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The schemes are not comparable as there are important differences between the situations at Equitable Life and London Capital Finance. The Government compensation schemes in each case sought to achieve a fair outcome for investors and taxpayers based on the particular circumstances surrounding each firm.
Oct. 20 2022
Source Page: BEIS annual report and accounts 2021 to 2022Found: A further £60 million of new government funding will help expand life sciences manufacturing in the
Oct. 03 2022
Source Page: IICSA: investigation reports (volume 1 to 5)Found: The abuse resulted in D6 trying to take his own life on a number of occasions, and standing outside
Asked by: Kim Johnson (Labour - Liverpool, Riverside)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 21 June 2021 to Question 16027 on Equitable Life Assurance Society, for what reasons the Government does not plan to (a) reopen the Equitable Life Payment Scheme or (b) review the £1.5 billion funding allocation previously made to it.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
Since 2010, the government has taken more action to resolve this issue than ever was taken previously, including setting up a payment scheme to make payments of up to £1.5bn to eligible policyholders. Since the Scheme closed in 2016, the Government’s position on this issue has been clear, that there will be no further funding in addition to the £1.5bn and this issue is considered closed.
The methodology for calculating payments to Equitable Life policyholders was published in 2011 and can be found at: www.gov.uk/government/publications/equitable-life-payment-scheme-design.