Equitable Life

Lord Haselhurst Excerpts

Thursday 26th February 2015 Commons Chamber

[Bob Blackman]

These people have battled and struggled through the courts and through a long process to get justice. There are many of us, certainly on the Government Benches but also on the Opposition Benches, who say that all these people did was invest for the future and trust what they were told. They took a risk to a certain extent that the market would be appropriate, but they did not expect the level of maladministration that took place or the way in which they would be treated.

[Sir Alan Haselhurst (Saffron Walden) (Con)]

My hon. Friend has made an eloquent case. He referred to the great disappointment that is felt by so many people who believe that they deserve compensation for what happened. He has not mentioned this, but does he agree that there is also considerable anger among people who feel let down? Is it not somewhat ironic and very uncomfortable that the Government who have started to do something about it are taking so much of the blame?

[Bob Blackman]

I have commended the Government for the action that they have taken to set up the scheme. At the time of the legislation, we tabled a cross-party amendment to ensure that the trapped pre-1992 annuitants would be compensated, but the Government resisted it. I am delighted that the Government saw sense after the lobbying that took place and provided a degree of compensation. The Government should be commended for ensuring that there is a compensation scheme. However, we have an independent assessment of the total amount of compensation that is due—it was not done by EMAG or by the Government, but is independent—and £2.8 billion is still due.