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22 July 2010

Government announces introduction of Equitable Life Bill and establishment of the Independent Commission on Equitable Life Payments

Financial Secretary to the Treasury, Mark Hoban MP announced today that the Coalition Government has introduced a Bill to Parliament, which will enable payments to be made to Equitable Life policyholders.

On May 26, the Government said that it would establish an independent commission to advise the Government on the best way to allocate payments to policyholders and help develop scheme design, in light of the Ombudsman’s recommendation that the payment scheme should be independent of the Government.

Today, Mark Hoban announced that Brian Pomeroy, John Tattersall and John Howard have agreed to form the Independent Commission.

“I am delighted that Brian, John  and John have agreed to take on this important task. The skills, expertise and experience they bring are invaluable and I am confident we have the right people to do the job,” said Mark Hoban.

“The Commission will start work imminently so that we can begin making payments as soon as possible. They are expected to report by the end of January 2011.”  

Notes for Editors

1. In the Coalition agreement, the Government stated that it would implement the Parliamentary and Health Ombudsman’s recommendation to make fair and transparent payments to Equitable Life policyholders , through an independent payment scheme, for their relative loss as a consequence of regulatory failure.

2. On May 26  2010, the Government announced that it would introduce a Bill to enable payments to be made to Equitable Life policyholders, as well as the intention to establish an independent commission to advise on the design of a payment scheme .

3. Brief biographies:

Brian Pomeroy

John Tattersall

John Howard

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