Treasury to promote Equitable compensation after damning criticism

The Treasury is to launch an advertising campaign promoting the Equitable Life compensation scheme after a damning report said its performance had been "unacceptably poor".

The Equitable Life Payment Scheme, managed by the Treasury, was derided by the Public Accounts Committee over delays and data losses. Prior to the report, the Treasury had admitted to destroying a disc containing the details of 350,000 policyholders' names and addresses. So far the government has paid out about £700m to 545,000 policyholders of the firm, which almost collapsed leaving thousands of pensioners financially worse off. Equitable Life did not hold addresses for almost 500,000 company pension scheme members. It would like trustees, administrators or authorised representat...