The development was welcomed by Paul Braithwaite, of the Equitable Members' Action Group (EMAG).

BBC: Budget 2013: More Equitable Life compensation

But the Equitable Members Action Group (EMAG) said that some of the oldest policyholders were awaiting payouts.

BBC: Equitable Life compensation payouts prompt debate

Paul Weir of EMAG warned though that the payments would not be made until 2014 at the earliest.

BBC: Budget 2013: More Equitable Life compensation

But Paul Weir, of EMAG, said the support group had received numerous calls from people, including one man aged 90, who had not received any payouts.

BBC: Equitable Life compensation payouts prompt debate

Paul Braithwaite of Emag said as a result of this, the scope of the compensation of the eventual "ex-gratia" scheme being devised by Sir John Chadwick would now be much wider.

BBC: High Court backs Equitable plan

"If Emag's members had not paid for this legal action, there's little doubt that, despite the Parliamentary Ombudsman's recommendations for substantial compensation, the Government would have got away with limiting payments to a small number of Equitable's victims for losses post-1999, " he added.

BBC: High Court backs Equitable plan