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Ministerial statement on Thursday, 15 January 2009, in the House of Commons, led by Yvette Cooper.

Equitable Life

Statement in response to the Parliamentary Ombudsman's report into the prudential regulation of the Equitable Life Assurance Society from 1988 to December 2001.

Secondary information

Type
Parliamentary proceeding
Reference
486 c377-94 
Session
2008-09
Department
Treasury
Chamber / Committee
House of Commons chamber
Related items
Proceeding contributions
Yvette Cooper | 486 c391 (Link to this contribution) I cannot give the hon. Gentleman a specific timetable for the payment, and I would not want to misle...
Yvette Cooper | 486 c391 (Link to this contribution) Work is under way on the resources needed for the work over the coming months, and I am happy to kee...
Show all contributions (59)
Elfyn Llwyd | 486 c391 (Link to this contribution) I am sure that many thousands of our constituents will be relieved to hear the statement but, as eve...
Yvette Cooper | 486 c391 (Link to this contribution) We will look at all those issues. However, we would not want to set up an interim payment scheme tha...
David Drew | 486 c391 (Link to this contribution) I very much welcome what my right hon. Friend had to say, and I am interested in the proposal for an...
Yvette Cooper | 486 c392 (Link to this contribution) One of the issues that we want to look at is the age of policyholders, their circumstances and the e...
Speaker | 486 c392 (Link to this contribution) Order. I do not want a statement from the hon. Gentleman, particularly at this stage—he must ask a q...
Barry Gardiner | 486 c392 (Link to this contribution) My right hon. Friend's statement was a gracious one, and her apology in particular was gracious, whi...
Julie Kirkbride | 486 c392 (Link to this contribution) May I press the right hon. Lady on the issue raised by the hon. Member for Stroud (Mr. Drew)? If she...
Kelvin Hopkins | 486 c392 (Link to this contribution) I must declare a personal interest that has no bearing on my comments. This is the result of a gros...
Yvette Cooper | 486 c392 (Link to this contribution) I can certainly say that that is one of the issues on which we will ask for Sir John's advice about ...
Sandra Gidley | 486 c393 (Link to this contribution) Many people will welcome the compensation, but there is still uncertainty, because they will benefit...
Yvette Cooper | 486 c392-3 (Link to this contribution) My hon. Friend makes an important point. We do not have a system of regulation in this country under...
Mark Lazarowicz | 486 c393 (Link to this contribution) I can understand why my right hon. Friend is concerned that an interim payments scheme might add fur...
Yvette Cooper | 486 c393 (Link to this contribution) The hon. Lady makes an important point. We have simply been unable to make that assessment, because ...
Lord Young of Cookham | 486 c394 (Link to this contribution) But have not the exchanges over the past hour shown that there is widespread anxiety on both sides o...
Yvette Cooper | 486 c394 (Link to this contribution) I should like to make it clear to my hon. Friend and to the House that we are prepared to consider a...
Speaker | 486 c394 (Link to this contribution) Order. I am afraid that we must move on. I apologise and am sympathetic to the hon. Members whom I h...
Yvette Cooper | 486 c394 (Link to this contribution) The right hon. Gentleman has asked for a debate, and I shall pass his request on to the business man...
Tony Wright | 486 c384 (Link to this contribution) I thank my right hon. Friend for accepting the essentials of the ombudsman's report. The decision wa...
Vincent Cable | 486 c383 (Link to this contribution) I thank the Chief Secretary for her statement. I welcome the apology, and I welcome more guardedly—b...
Speaker | 486 c382 (Link to this contribution) Order. I am sorry to interrupt the right hon. Lady, but the crossfire of sedentary comments across t...
Yvette Cooper | 486 c384 (Link to this contribution) Hon. Members on the Conservative Front Bench are clearly not listening. I have just explained the Ch...
Speaker | 486 c384 (Link to this contribution) Order. Without disrespect to the importance of the subject—I doubt whether any hon. Member does not ...
Yvette Cooper | 486 c383 (Link to this contribution) I welcome the hon. Gentleman's welcome for the key elements of my response to the report. Hon. Membe...
Yvette Cooper | 486 c381-2 (Link to this contribution) I am disappointed by the tone of the hon. Gentleman's response. The Government recognise that seriou...
Yvette Cooper | 486 c385 (Link to this contribution) The right hon. Gentleman is advocating a pure compensation scheme. I set out in my statement exactly...
Andrew Miller | 486 c386 (Link to this contribution) I welcome my right hon. Friend's statement. A considerable number of my constituents will be waiting...
Yvette Cooper | 486 c386 (Link to this contribution) My hon. Friend makes an important point. The ombudsman recommended a two-and-a-half-year time scale ...
Michael Fallon | 486 c386 (Link to this contribution) Will the estates of those policyholders who have died be able to make a claim and in which quarter o...
Yvette Cooper | 486 c386 (Link to this contribution) Clearly, the issue about people's estates when they have sadly died is important. We will need to ta...
Andrew Love | 486 c386 (Link to this contribution) I congratulate my right hon. Friend on her statement. I have two points. First, on the time scale, s...
Yvette Cooper | 486 c386-7 (Link to this contribution) My hon. Friend asks what the time scale will be relative to the ombudsman's scheme. My view is that ...
Lord Brady of Altrincham | 486 c387 (Link to this contribution) I, too, am appalled at the proposals to means-test the compensation. Given the fact that tens of tho...
Yvette Cooper | 486 c384-5 (Link to this contribution) I welcome the work that my hon. Friend's Committee has done to look into this matter. The ombudsman'...
Iain Duncan Smith | 486 c385 (Link to this contribution) Will the right hon. Lady reflect on what she has just said? Surely the simple question is whether th...
Derek Wyatt | 486 c389 (Link to this contribution) I thank my right hon. Friend for her statement and apology. We in the House have dealt with the issu...
Robert Smith | 486 c388-9 (Link to this contribution) Earlier, the Minister mentioned that she could not take the route that the Government took with the ...
Yvette Cooper | 486 c389 (Link to this contribution) I think that a fair ex gratia payment scheme will take account of what people have lost, but it is a...
Brian Jenkins | 486 c388 (Link to this contribution) I welcome the statement and, in particular, the apology at the start. It looks like we are coming to...
Yvette Cooper | 486 c388 (Link to this contribution) As I have said, my hon. Friend the Economic Secretary will update Members of the House on the progre...
Crispin Blunt | 486 c388 (Link to this contribution) If the scheme ever does come to a conclusion—unlike the Liberal spokesman, the hon. Member for Twick...
Yvette Cooper | 486 c388 (Link to this contribution) As I have said, we will take account of Sir John's advice, the relative losses experienced, how far ...
Anne Begg | 486 c387 (Link to this contribution) I welcome the fact that the Government have accepted that there needs to be conversation, and the fa...
Yvette Cooper | 486 c387-8 (Link to this contribution) My hon. Friend raises an important point. She is right that the issues involved are complex. Assessi...
Yvette Cooper | 486 c387 (Link to this contribution) Again, we have asked Sir John to consider what disproportionate impact might be. That might include ...
Yvette Cooper | 486 c391 (Link to this contribution) There are significant questions about whether it is possible to set up the kind of scheme that the o...
Andrew Pelling | 486 c391 (Link to this contribution) Like many hon. Members, I too have received a lot of correspondence from my constituents in Croydon,...
Yvette Cooper | 486 c390 (Link to this contribution) My hon. Friend makes an important point. It would be helpful if the Opposition recognised the histor...
Stephen O'Brien | 486 c390 (Link to this contribution) After all the ducking, weaving and kicking into the long grass, the bottom line is that Equitable po...
Yvette Cooper | 486 c390 (Link to this contribution) Again, the hon. Gentleman's party's position, as set out by the shadow Chancellor, is that"““policyh...
Gavin Strang | 486 c390-1 (Link to this contribution) Again, on the time scale, does my right hon. Friend accept that because this prolonged and fundament...
Yvette Cooper | 486 c389 (Link to this contribution) My hon. Friend the Economic Secretary and I will be keen to keep the House updated, and to report ba...
Lord Tyrie | 486 c389 (Link to this contribution) What obstacle was there to getting Sir John Chadwick's work under way immediately after the publicat...
Yvette Cooper | 486 c389 (Link to this contribution) I think that the hon. Gentleman would recognise that the ombudsman took four years to complete her w...
Gordon Prentice | 486 c390 (Link to this contribution) I, too, welcome the Government's apology, but regret that we have heard nothing similar from Conserv...
Yvette Cooper | 486 c377-80 (Link to this contribution) Mr. Deputy Speaker, I would like to make a statement in response to the parliamentary ombudsman's re...
Mark Hoban | 486 c380-1 (Link to this contribution) I congratulate the ombudsman on the way in which she investigated this matter—she has done her job i...
Subjects
Compensation Insurance companies Financial Services Authority Equitable Life Assurance Society Maladministration Parliamentary Commissioner for Administration Regulation Government responses Ex gratia payments
Link
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