The Treasury has claimed that the Equitable Life payments scheme is on track to close on schedule in 2014, despite claims it has been hit by delays and mistakes.
The National Audit Office (NAO) issued a report last month which claimed that inconsistent and inaccurate data had led to "severe delays" in payments from the scheme and that it ran the risk of "failing to meet payment targets and overrunning on costs". However, economic secretary to the Treasury Sajid Javid said in a written ministerial statement today that the scheme is running well. He said: "As of 30th April 2013 the scheme has made payments totalling £604m and has informed 85% of eligible individual policyholders the value of any payment due." He added that the scheme has cont...
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