I have just been to the meeting of the Equitable Life All Party Group to hear Minister Liam Byrne and Sir John Chadwick explaining the current situation on compensation. It was clear that the Government has been dragging its feet in making decisions to allow Sir John to consider the sort of flexible and wide-ranging scheme he envisaged. Now we are told there is to be a further consultation on a third interim report from Sir John and a final report to Government in May. Meanwhile, policy holders are dying of old age. The irony is that it may be left to a new Government to make final decisions – Labour having kicked the issue well into the long grass over such a long period. It does seem that Government and Sir John envisage that the estates of the deceased will have a claim on the compensation scheme, but that does not make it right that the policy holder has had to wait so long.
Will Equitable Life be left to Conservatives to sort out?