Equitable Life compensation payouts hit £816m

The scheme, set up in 2011, was originally intended to pay out £1.5bn over its duration but it was extended in last year's Budget to customers who bought with-profits policies before 1992. The Treasury has paid out almost 1,400 policyholders a day since it launched the scheme. So far, it has paid £511m to 375,672 individual investors, and £64m to 33,547 first payments to with-profits annuitants, along with £116m separate annual payments to annuitants. A further £15m has been paid out to the estates of 2,425 deceased annuitants, while £110m has been paid to people who bought their p...