Administration of the scheme is having trouble locating 400,000 policyholders who may potentially profit from it. Today, the Treasury Department made the announcement that the Equitable Life Payment Scheme (ELPS), which was originally scheduled to exit the market in April of 2014, would instead remain in effect until the middle of 2015. In order to compensate anyone who had pensions or investments with Equitable Life and had taken them out after September 1, 1992, the program was formed. The victims of the near-collapse of Equitable Life were eligible for compensation. It has been difficult to get in touch with a considerable number of people who are eligible for compensation, which is the reason for the prolongation. Even though the government had already decided, as far back as 2010, that victims who had lost money should get compensation, and even though the first payments were paid to policyholders in 2010, it has not yet been successful in finding all of individuals who are entitled for redress. The incompleteness of the client contact information that it obtained from Equitable Life was the cause of the delay that occurred. The contact information for some of the clients was not up to date, and there was no information at all posted for the other consumers. The Equitable Members’ Action Group made the offer to provide their database of 350,000 policyholders. In the past, the Equitable Members’ Action Group (EMAG) made an offer to the Treasury to provide it with its database, which had information on around 350,000 customers who were enrolled with them. This plan, on the other hand, was turned down by the department, which said that acting in this manner would constitute a violation of the Data Protection Act. The purpose of the extension is to help as many individuals as possible, since a study predicted that 200,000 people would not get any benefits. Recent findings from a devastating inquiry conducted by the Commons Public Accounts Committee revealed that as many as 200,000 individuals, which is about one fifth of those who are entitled to compensation, may not get any as a result of the catastrophe. The inability to do enough preparation prior to the launch of the reparations plan was another issue that was brought up in the report of the Committee. Because of this, by March 2012, only 168 million pounds had been issued, which was far less than the projected 500 million pounds. By March 2013, however, 577 million pounds had been dispersed to slightly more than 400,000 policyholders. Up to this point, compensation in excess of 730 million British pounds has been distributed to about 550,000 victims. Although EMAG is pleased with the ruling, it is important to remember that 547,000 policies that are associated with corporate or trustee schemes may be difficult to locate. Paul Weir, who works for EMAG, expressed his satisfaction with the decision to extend the scheme date. However, he also said that the most challenging obstacle would be to locate 547,000 policyholders who are enrolled in business or trustee plans. In some instances, trustees have either retired or gone on to other endeavours, while in other instances, the businesses in question have ceased to exist. During a nationwide advertising campaign, potential victims will be urged to come forward in order to receive compensation. A nationwide advertising campaign will be launched by the Treasury Department in an attempt to expedite the process of identifying persons who are entitled to compensation. The goal of this campaign is to urge everyone who may be eligible to get in touch with officials. There have been other approaches that have been used in an effort to locate persons who have been impacted. These methods include writing to a last known address, if there was one, searching the phone book, checking the electoral register, and looking at credit histories. Should any customers believe that they may be entitled to compensation, they should get in touch with the administrators of the plan. To get further information, please visit the website http://equitablelifepaymentscheme.independent.gov.uk/ or contact the number 0300-0200 150. Policyholders who had policies that were issued before to September 1992 may get further information on their program by visiting the following website: https://www.gov.uk/government/publications/equitable-life-payments. The Equitable Members’ Action Group may be found at http://www.emag.org.uk/. For further information, please visit their website. This author is doing research and creating an article on how to file a complaint, as well as the most recent consumer news in the UK and an online consumer forum in the UK.
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