Are we nearly there yet? After eight years and endless inquiries, publication of the parliamentary ombudsman’s report into the Equitable Life affair will raise weary policyholders’ hopes that the destination is in sight.

If only. They will have to wait until after Alistair Darling’s summer holiday for his decision on whether to accept Ann Abraham’s recommendation that government should pay up and – horror! – apologise. At that point, the ombudsman believes it will take no more than six months to set up a scheme to assess policyholders’ claims and pay compensation within two years. Fat chance. If 1m customers were to apply, the new tribunal would have to process nearly 2,000 claims each working day to meet the deadline.