Government extends Equitable Life payments scheme

The government has extended a payment scheme for Equitable Life policy holders to mid-2015 and is due to launch an advertising campaign to encourage more policyholders to come forward.

The Equitable Life payments scheme (ELPS), which was set up to compensates investors who suffered losses as a result of the maladministration of Equitable Life, has so far paid out £734m to more than half a million policyholders. The scheme was due to close in April 2014, however it will now run for an additional 12 months. Meanwhile, annuitants will continue to be paid for the duration of their annuity. The government also plans to run a national advertising scheme to encourage more investors to sign up to the scheme. It said it has faced difficulties in tracing down eligible clai...