Professional Standards in the Banking Industry

Debate between Richard Graham and David Rutley

Thursday 5th July 2012 Commons Chamber

[David Rutley]

I am not familiar with that approach. As a former member of the Treasury Committee, however, I should like to say that I have worked with my hon. Friend the Member for Chichester (Mr Tyrie), and that I have a huge amount of respect for his knowledge and experience in Treasury-related matters, and also for his independence of mind and personal integrity.

[Richard Graham (Gloucester) (Con)]

Does my hon. Friend agree that what our constituents really want is a recognition of what went wrong, swift action to prevent this from happening again, and then work to restore trust in this sector, which is so important to the country? As Lord O’Donnell said, the public will not want us to kick this into the long grass.

[David Rutley]

I completely agree. It is so important that we drive for urgent action that I hope Opposition Members will reconsider their stated position and vote with us this evening in support of a parliamentary-led—

Equitable Life (Payments) Bill

Debate between Richard Graham and David Rutley

Wednesday 10th November 2010 Commons Chamber

[David Rutley (Macclesfield) (Con)]

Like many others hon. Members, I have had a huge amount of correspondence on this issue. I have also met many of the policyholders and heard their sad tales and the way in which this drawn-out saga has affected their lives. I congratulate the Equitable Members Action Group on its hard-fought campaign and commend the great work that has been going on in the all-party parliamentary group. That has given many of us in this House, particularly new Members, an awareness of the situation. None the less, it has been a drawn-out saga, and I am delighted that the Minister has taken very speedy action to address the outstanding issues. He has made this Bill a priority and put forward £1.5 billion to assist with compensation at a very difficult time for the economy. Those are genuinely positive developments. As my hon. Friends the Members for Harrow East (Bob Blackman) and for Stratford-on-Avon (Nadhim Zahawi) have said, we have also had clarity on the tax treatment, which is welcomed by all of us.

I congratulate the Minister on his quick choice of National Savings & Investment to lead forward the speedy implementation. At the time of his ministerial statement, I remember his assuring the House that there would be a clear communication plan to help him inform policyholders on developments. I continue to urge both him and his Treasury officials to learn from previous compensation schemes to ensure that this one has flawless implementation. That is what the policyholders deserve after years of waiting. We cannot let them down at the point of implementation and operation.

Although it is essential to have clear information available through e-mails and websites, we must not forget the age profile of the people whom we seek to help. They are, typically, older—much older—and will need written communication and properly manned contact centres to ensure that they get the customer service that they need.

[Richard Graham (Gloucester) (Con)]

Does my hon. Friend not agree that it is a real scandal that no settlement was made during the long years of the previous Government while many thousands of innocent victims, including my mother, died, and that that should remain on the previous Government’s conscience for ever?

[David Rutley]

I agree. It is a tragedy that this has taken this long. Today’s debate has been reasonable, but I felt let down by the uncharacteristic tone that was struck by the hon. Member for Nottingham East (Chris Leslie).