Equitable Life redress scheme costs Treasury £2.6m in three months

clock

The Treasury has spent more than £2.6m administering the Equitable Life payments scheme (ELPS) in the three months to November, government figures have shown.

Treasury expenses data for November last year (£25,000+) revealed that operational costs of the scheme in August and September alone cost the government £2.2m, while it spent £350,000 on 'implementation' in August. It spent a further £136,000 on actuarial support from Towers Watson in respect of the scheme during September and October. The Treasury said the figures were in line with expected operational costs for the scheme, as the total administration budget was set at £57m by the National Audit Office (NAO) in April last year. However, it admitted that the budget may need to be r...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Industry

Friday Briefing: Think like a journalist

Friday Briefing: Think like a journalist

Friday Briefing

Eve Maddock-Jones
clock 28 July 2025 • 8 min read
Lava Advisory Partners' Felix Neate: Asset and wealth management M&A needs modernising

Lava Advisory Partners' Felix Neate: Asset and wealth management M&A needs modernising

Relationships key

Felix Neate
clock 25 July 2025 • 4 min read
UK Supreme Court quashes Tom Hayes' LIBOR-rigging conviction

UK Supreme Court quashes Tom Hayes' LIBOR-rigging conviction

SFO will not seek retrial

Sorin Dojan
clock 23 July 2025 • 2 min read
Trustpilot