Public Administration Select Committee: Press Notices

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.

On Tuesday 9 December, at 2.00pm in the Thatcher Room, 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.

For further information about the work of the Committee, visit our website at: www.parliament.uk/pasc

FURTHER INFORMATION:

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)

Media Enquiries: Jessica Bridges-Palmer, 020 7219 0724, [email protected]

Specific Committee Information: Email: [email protected] Tel: 020 7219 3284

Committee Website: www.parliament.uk/pasc

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