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Major Projects Portfolio data for UK governmentHMT Government Major Projects Portfolio September 2013
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Download this file| Project name | Equitable Life Payment Scheme | ||||||||||||||||||||||||||||||||||
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| MPA RAG rating (A Delivery Confidence Assessment of the project at a fixed point in time, using a five-point scale, Red Amber/Red Amber Amber/Green Green; definitions in the MPA Annual Report) | Amber | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Description / Aims | In May 2010 the coalition Government pledged to implement the Parliamentary and Health Ombudsmans recommendation to make fair and transparent payments to Equitable Life policy holders, through an independent payment scheme, for their relative loss as a consequence of regulatory failure. The Equitable Life Payment Scheme was set up as quickly as possible, so that those who had suffered losses as a result of maladministration were finally able to receive redress. The Governments stated ambition for payments to begin by the end of June 2011 was met. Payment volumes started to ramp up in November 2011 and the Scheme moved to full operation in 2012. By September 2013 the Scheme had made payments to the value of c£734 million to c548,000 policyholders. | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Departmental commentary on actions planned or taken on the MPA RAG rating. | From October to November 2013 a programme of press advertising invited policyholders who had not been contacted by the Scheme and who thought they might be eligible, to contact the Scheme. This purpose of this campaign was to aid the tracing of those policyholders for whom the Scheme had no address data or where there had been no response to mail sent to them. It proved successful in that significant numbers of these policyholders contacted the Scheme and subsequently received payment. Since then additional methods have been identified for tracing policyholders and these have proved successful in increasing the numbers the Scheme has been able to find and pay. | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |