Equitable Life (Payments) Act 2010

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Equitable Life (Payments) Act 2010

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Long title An Act to provide finance for payments in cases where persons have been adversely affected by maladministration in the regulation before December 2001 of the Equitable Life Assurance Society; and for connected purposes.
Citation 2010 c. 34
Introduced by Mark Hoban
Territorial extent United Kingdom
Dates
Royal assent 16 December 2010
Status: Current legislation
History of passage through Parliament
Text of statute as originally enacted
Revised text of statute as amended

The Equitable Life (Payments) Act 2010 (c. 34) is an Act of the Parliament of the United Kingdom. It gives the HM Treasury the power to compensate more than a million policyholders adversely affected by the collapse of The Equitable Life Assurance Society in 1999. [1]

An act of parliament, also called primary legislation, are statutes passed by a parliament (legislature). Act of the Oireachtas is an equivalent term used in the Republic of Ireland where the legislature is commonly known by its Irish name, Oireachtas. It is also comparable to an Act of Congress in the United States.

Parliament of the United Kingdom supreme legislative body of the United Kingdom

The Parliament of the United Kingdom of Great Britain and Northern Ireland, commonly known internationally as the UK Parliament, British Parliament, or Westminster Parliament, and domestically simply as Parliament, is the supreme legislative body of the United Kingdom, the Crown dependencies and the British Overseas Territories. It alone possesses legislative supremacy and thereby ultimate power over all other political bodies in the UK and the overseas territories. Parliament is bicameral but has three parts, consisting of the Sovereign, the House of Lords, and the House of Commons. The two houses meet in the Palace of Westminster in the City of Westminster, one of the inner boroughs of the capital city, London.

HM Treasury United Kingdom government department

Her Majesty's Treasury, sometimes referred to as the Exchequer, or more informally the Treasury, is the British government department responsible for developing and executing the government's public finance policy and economic policy. The Treasury maintains the Online System for Central Accounting and Reporting (OSCAR), the replacement for the Combined Online Information System (COINS), which itemises departmental spending under thousands of category headings, and from which the Whole of Government Accounts (WGA) annual financial statements are produced.

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