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Why has Equitable Life taken so long to sort out?

The embers of the former financial giant in the UK, Equitable Life, have been well and truly doused but there is still much anger with regards to the 1.5 million people who were impacted by the company's inability to cover its future liabilities. The company nearly collapsed after losing a court case during which it attempted to reduce liabilities but failed. However, it is estimated that a large number of the 1.5 million people impacted by the company's inability to cover its liabilities are of pension age. It is also estimated that 15 of those affected by the issue are dying each and every day in the UK.

Controversy continues to swarm around the Equitable Life this year with many people often asking why the government is 10 years down the line and seemingly no closer to an acceptable compensation scheme. The £500 million compensation package rumoured to be in the pipeline is but a 10th of the estimated £5 billion losses incurred by those affected. This comes despite the fact that the UK government has accepted responsibility for regulatory lapses which could potentially have prevents the situation we find ourselves in today. Even now it will take between six months and nine months before any initial compensation package is put forward, which many sufferers unlikely to accept the "paltry" amounts on offer.

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