Oral Answers to Questions
Debate between John Glen and Joanna Cherry(4 years, 1 month ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Joanna Cherry (Edinburgh South West) (SNP)
If the Government will take steps to ensure that victims of the Equitable Life scandal receive full compensation for their losses. [907761]
The Economic Secretary to the Treasury (John Glen)
In 2010, the Government set up a payment scheme to make payments of up to £1.5 billion to eligible policyholders. Since the scheme closed in 2016, the Government’s position on this issue has been clear: there is no further funding in addition to that £1.5 billion and this issue is considered closed.
Joanna Cherry [V]
Many self-employed people and small business owners feel let down by the covid response, and the same type of people were let down 10 years ago today when victims of the Equitable Life scandal were told they would only get 22% of the money they had lost. The Treasury has ignored hard-working people like my constituents for a decade, so please will the Chancellor reconsider and commit to providing Equitable Life victims with the compensation they deserve?
John Glen
The Government continue to pay out to annuitants who were in payment from 2010. Indeed, we have a £100 million contingency to ensure that they are properly provided for. The Government were completely transparent about the calculation methodology and worked with the action group, the Equitable Members Action Group, to give explanations to policyholders. We met actuaries to ensure that it was as fair as it possibly could be, so the Government’s position on this remains as I have stated.