Queen's Speech - Equitable Life Payments Scheme Bill
Notes on: "Legislation will reform the framework for financial services Regulation and implement the Government's commitment to make fair and transparent payments to Equitable Life policyholders."
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The purpose of the Bill
- Give HM Treasury statutory authority to incur expenditure in making payments to Equitable Life policyholders.
The main benefits of the Bill
- To make it possible to make payments to Equitable Life policyholders and other individuals (e.g. former policyholders) who have suffered losses due to Government maladministration.
The main elements of the Bill
- Give HM Treasury statutory authority to incur expenditure in making payments to Equitable Life policyholders.
Devolution
All provisions in the Bill are reserved.