Chair of the Public Accounts Committee Margaret Hodge said the Equitable Life compensation scheme has "let down a lot of people".
Ms Hodge said there was over 200,000 people who could miss out on compensation as a result of system failures.
More top news
Two police officers stepped in to help deliver a newborn on Christmas Day in a dramatic intervention caught on camera.
Sir Bruce Forsyth has admitted he does not miss Strictly Come Dancing, describing his time hosting the show as a "lonely" experience.
A Labrador had a miraculous escape after surviving a 150-foot plunge down a cliff on Christmas Day.