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PPI: Over 20,000 Equitable Life customers to miss out on compensation

Over 20,000 former-Equitable Life customers will not receive government compensation, it has been revealed.

During his Comprehensive Spending Review yesterday (October 20th), Chancellor George Osborne announced that around 1.5 million policyholders who lost funds due to regulatory failure will claim a share of a £1.5 billion compensation package.

However, The Press Association reports that 23,000 with-profits annuitants will not be eligible for compensation, even though they have seen the value of their policies significantly reduced.

The government has claimed that anyone who took out a policy before the end of 1992 would not have had any knowledge which would prevent them from making their investment.

Instead of compensation, the 37,000 consumers who purchased with-profits annuities after 1992 will receive regular annual payments to make up for any money they lost.

Equitable Life policyholders saw the value of their investments plummet in 2000 after the firm cut the value of products when it lost a legal battle over pension guarantees.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance. ADNFCR-2776-ID-800135681-ADNFCR

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