The Financial Secretary to the Treasury, Mark Hoban MP, has announced that the Government will take forward a Bill to enable payments to be made in relation to Equitable Life, as included in the Queen’s Speech to Parliament. The Government has also announced that the final report from Sir John Chadwick in relation to Equitable Life will be received by mid July. The Government has agreed to Sir John’s request for a short extension to the stated timetable. This will enable him to respond to issues raised by the independent actuarial panel that was appointed to examine the assumptions and methodology used by Sir John’s actuaries in their provisional advice to him, adding a layer of independent scrutiny.
The Government will publish Sir John’s final report along with a detailed update, including next steps towards implementing an independently designed payment scheme.