The level of compensation due to 10,000 Equitable Life customers who bought with-profits annuities before 1992 would be "impossible to calculate", Tory MP Jonathon Evans says.
During a debate on the Equitable Life (Payments) Bill by the Committee of the Whole House, Evans responded to an amendment tabled by Labour MP Fabian Hamilton to pay compensation to pre-1992 annuitants. Hamilton proposes another £200m of compensation should be made available for the 10,000 pre-1992 annuitants. He said those who annuitised before 1992 have been unfairly excluded from the government's proposed £1.5bn compensation package, which he claims is "still insufficient". "It is essential that companies providing products can be trusted to deliver," Hamilton said. He added the...
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