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
Donald Trump has accused Barack Obama of failing to take action over Russia's alleged interference in the US election.
Ministers are reportedly 'dropping' plans to ease fire safety standards in new schools in the wake of the Grenfell Tower fire.
A 24-year-old mum has been arrested on suspicion of two counts of injury to a child after her young children were found dead in a hot car.