This memorandum has been prepared to support the Committee of Public Accounts’ inquiry on Equitable Life’s Payment Scheme

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In 2010, HM Treasury set up the Equitable Life Payment Scheme to compensate Equitable Life policy holders for the relative loss they had suffered on their investments following government maladministration in the regulatory returns of the Equitable Life Assurance Society between 1992 and 2000. The operations of

the Scheme were handled by National Savings and Investments (NS&I).

The memorandum sets out how HM Treasury dealt with appeals on the compensation received by policyholders from the Scheme. The Memorandum describes:

  • the appeals process for policyholders applying to the Scheme;
  • the information available on appeals or other cases dealt with by HM Treasury or the Independent Review Panel (IRP) which was set up to handle appeals; and
  • the timescales of events involved and how data retention policies were applied.