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Equitable Life

I am grateful to the hon. Gentleman for giving way twice on the same point. Does he not agree that many Equitable Life policyholders felt great hope when they heard of the appointment of Sir John, but having seen his June publication—his proposals on the approach to be adopted—they are now shattered to find that he believes his terms of reference allow him to look only at a limited and narrow number of issues? Few people will therefore receive any compensation, and those who do are likely to receive a minimal amount.