Committee chairwoman Margaret Hodge said she was "stunned" to learn that the Treasury destroyed details and addresses of 353,000 policyholders provided by the Equitable Members Action Group in 2011 on data protection grounds.
– Margaret Hodge MP, committee chairwoman
It is completely unacceptable that more than 10 years after the collapse of Equitable Life so many victims still have not received the compensation they are entitled to.
Only 35% of policyholders have received payments despite 72% of the budget being spent. We heard of cases where people had been sent multiple letters requesting the same information and received only generic responses to individual queries and complaints.