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Equitable Life

My hon. Friend is right: the episode has undermined people’s confidence. They need to have confidence in the pensions system if they are to save for their retirement, and also confidence in the regulation. People will not look beyond the headlines and will not be looking at the fine detail of the Parliamentary Commissioner Act 1967, which set up the office of ombudsman; they will just get the sense that the system that has been set up to protect them has not worked. We need to ensure that our constituents understand that the actions that have been taken and that the processes that have been put in place to protect them are now effective and working. Once we get people to trust those processes, perhaps we will see an increase in saving for retirement. In conclusion, because I am conscious that other Members of the House want to take part in the debate—