4 December 2008
PASC TO HEAR FROM TREASURY MINISTER ON EQUITABLE LIFE
Focus likely to be on Government's delayed response
The Public Administration Select Committee (PASC) is holding a further session in its examination of the Parliamentary Ombudsman's report
Equitable Life: a decade of regulatory failure.
In her report, the Ombudsman makes ten findings of maladministration against the prudential regulators of Equitable Life and the Government Actuary's Department, and recommends a government-funded compensation scheme to make good the losses suffered by Equitable Life policyholders as a result of this maladministration. The total amount of compensation involved is not certain, but has been calculated by policyholder groups as amounting to several billion pounds.
Tuesday 9 December, at
2.00pm in the
Portcullis House, the Committee will hear from
Ian Pearson MP,
Economic Secretary to the Treasury.
In July, the Treasury said that it expected to provide a full response to the Ombudsman's report "in the autumn". Towards the end of November, the Economic Secretary said that a statement would be made "very soon". Yesterday, the Prime Minister told the House of Commons that a response could be expected before the House rises for Christmas.
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Committee Membership: Tony Wright (Chairman) (Lab) (Cannock Chase), Mr David Burrowes (Con) (Enfield, Southgate), Paul Flynn (Lab) (Newport West), David Heyes (Lab) (Ashton under Lyne), Kelvin Hopkins (Lab) (Luton North), Mr Ian Liddell-Grainger (Con) (Bridgewater), Julie Morgan (Lab) (Cardiff North), Mr Gordon Prentice (Lab) (Pendle), Paul Rowen (Lib Dem) (Rochdale), Charles Walker (Con) (Broxbourne), Jenny Willott (Lib Dem) (Cardiff Central)
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