The Treasury, via Yvette Cooper the Chief Secretary, issued an apology to the long suffering Equitable Life victims.
"I think the whole House regrets the mismanagement of the society. I wish to apologise to policyholders on behalf of the public bodies and successive governments responsible for the regulation of Equitable Life between 1990 and 2001, for the maladministration we believe has taken place."
However, there will be no compensation merely some possible payments to those who have suffered "disproportionately" (whatever "disproportionately" really means).
Those policyholders who are hooping that they may receive some form of payment need to be aware that the Treasury's game plan is very obvious:
The objective being to offload the problem into the hands of the next government (unlikely to be Labour) after 2010, and to ensure that as many policyholders as possible have died of old age before any payment is finally agreed.