HM Treasury has confirmed that the first payments for Equitable Life policyholders will be sent out today (30 June).

The payments are to be made as part of a three-year programme, which the government has set aside £1.5 billion.
 
The oldest policyholders and the estates of deceased policyholders have been prioritised, with the government adding all eligible policyholders will be contract by June 2012.

Mark Hoban, Financial Secretary to the Treasury, said he was pleased to be sending out the first payments after a 'decade of delay and indecision'.
 
He said, 'We will pay out £1.5 billion to ensure that policyholders receive the justice they deserve.'

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