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February 1, 2011 12:44 PM

Jenny Willott, the Liberal Democrat MP for Cardiff Central, has welcomed the announcement of the rates of compensation to be paid to victims of the Equitable Life scandal.

The Government has now accepted the report by the Independent Commission in Equitable Life, which means that individual policyholders will be entitled to 22.4% of the money they lost in the collapse.

The decision finally marks an end to the wait for Equitable Life policyholders, who watched the Labour Government drag their feet on compensation.

Commenting, Jenny said:

"I'm pleased that we'll now finally see Equitable Life policyholders receiving compensation. The wait has been far too long thanks to the last Government's refusal to act.

"While the amount being paid is lower than I know many would like, I believe it shows just how seriously the Government has taken this issue - even at a time when the Government is cutting back spending, they have found money to compensate victims of this scandal."