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Fears raised by Brighton and Hove MPs over savers’ compensation
7:00am Saturday 16th June 2012 in News
Policy holders’ fears over compensation with collapsed savings firm Equitable Life have been raised by MPs.
More than 1,000 savers in Brighton and Hove lost thousands of pounds each when the life insurance firm collapsed in 2000.
Last year the Government announced that £1.5 billion in compensation over three years would be set aside for policyholders.
But with the compensation deadline of June 30 looming, a number are concerned at the amount of money they will receive.
Brighton Kemptown MP Simon Kirby and Hove MP Mike Weatherley are among 127 MPs who have signed a letter outlining concerns to the Treasury.