... I also got to raise the matter of Equitable Life and when those who lost money in it will be compensated, following a government statement on the issue made by Chief Secretary to the Treasury Yvette Cooper. I know this is something a number of my constituents have raised with me, so here's what I said:
"I have two points. First, on the time scale, she has come up with what she describes as a simpler scheme. Does that mean that it will be quicker than that suggested by the ombudsman? Secondly, she said that hardship would be a significant criterion for compensation. Will she describe that a little more? Can she reassure those who have lost significant sums of money in Equitable Life that they will still be compensated?"
The debate was long but the Chief Secretary to the Treasury did reassure me and the House that the aim would be to design a compensation scheme that can pay out as swiftly as possible, which I'm sure will be a relief to many.
Monday, January 19, 2009
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