Yesterday, it was announced that victims of the Equitable Life scandal will get compensation for their loss. But it will be less than that of 25 per cent of their loss.

50% of the total people were snagged in one of Britain's biggest financial fiasco. These people will receive a payout of below £250.

Moreover, they will not get the payment immediately; they have to wait for at least six months. This is due to the fact that the first payments will be released to the earlier victims.

According to censors, the sufferers are waiting eagerly to get their compensation. The Coalition has assured that in coming months £1.5billion would be paid not only to the victims but also to the relatives of those who have died waiting for compensation.

Equitable Life was established in the year 1762, it was Britain's oldest mutually-owned insurer. It was comprised with a client list that included judges, doctors and accountants.

However it could not maintain its position and was surrounded by many problems. The reason was that it had scarcity of the funds to pay an overly-generous mixture of big bonuses and high assured annuity rates to its customers.