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Friday, the independent Commission on the fair (ICELP) life payments will close its first consultation seeks to inform the Government on how to compensate policyholders

Members of the European Parliament debated the issue of a Committee on Petitions in advance of the closure consultation UK key on plans to ￡ 1. 5bn hand to policyholders, ten years after the company near collapse.

Mairead McGuinness, Chairman of the Committee, said that it was concerned to hear the "injustice among policyholders' in the middle of the accusations that the level of remuneration is well below the ￡ 4 for ￡ emissions hoped by some subscribers.

Alex Voss, German MEP Center-right, said that he wished to hear more parliamentary Ombudsman UK, Ann Abrahams, who presented a statement written in the Committee on Petitions in which she herself distanced from proposal to pay the amounts reduced by the fair victims compensation.

In 2008, Ms. Abraham released a damning report finds 10 cases of maladministration by regulators and officials from Whitehall leading up to 2001. She called the previous Government to apologise and established an independent tribunal for calculating the allowance for them. However, the administration of labour refused to accept the conclusions of the report.

Friday, the independent Commission on the fair (ICELP) life payments closes its first consultation seeks to inform the Government on how to compensate policyholders.

When close society crumble investors, professional people save for their retirement, lost up to half of their savings.

Proposed under the plan, 620 m ￡ de la. 1 ￡ 5bn was meant to cover the full cost of "related" losses by annuitants 37,000 with-profits. However, Equitable Life members Action Group (fame) has warned that another 600 000 policyholders who lost the quantities substantial look set to receive less than a quarter of the Board of the calculated losses.

Paul Weir, Director of the fame, said that ICELP "task cannot distribute the vestiges of an inadequate pot of money".

"Fame deplored the fact that the Treasury Board has recovered post back the fundamental responsibility that the Ombudsman had the intention of the independent Commission: decide on the allocation of compensation between licensee different classes and to design and administer the plan." It is now firmly in the claws of the step-to-be approved Treasury Board, one of the regulators that the Ombudsman found guilty.

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