The Equitable Life saga continues, with many leading industry figures expressing dismay at the way compensation is being provided to affected customers.

A million policyholders were affected qhen the company collapsed over five years ago and following an investigation an independent compensation scheeme was set up in order to reimburse those affected.

However a new report published on the 19th of March has expressed dismay over the decision from the government. "This may be a legally valid position, but we think that most people would consider it to be a morally unacceptable one."

It continued, “We give credit to the Government for apologising, for producing a considered response, and for accepting the need for some kind of payments scheme. But the Government has produced an essentially political response to a quasi-judicial investigative report from the Ombudsman, and as a result has ended up satisfying nobody. We have never argued that the taxpayer should have bottomless pockets, but there is a very clear case for defined compensation where the state itself has caused injustice."