A poll of some 3,000 policyholders found 78% are “dissatisfied” with the compensation process, reports The Telegraph.

The paper quotes Paul Weir of the Equitable Members Action Group:

“Victims are getting a letter that fails to explain how their payment has been calculated, and then slashes nearly 80% from that figure,” Weir said.

“They are very angry that their compensation has been sacrificed as part of the public spending cuts.”

Weir also claimed that 505,000 members of group pension schemes have yet to receive any information about compensation.

“If we are to believe Mr Hoban’s promises, then something like another 250,000 policyholders will need to receive a detailed statement of payment by the end of this month but we suspect that they will fail to hit their target by miles.”