Equitable Life Debate

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Department: HM Treasury

Equitable Life

Brian Binley Excerpts
Thursday 22nd July 2010

(14 years, 3 months ago)

Commons Chamber
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Mark Hoban Portrait Mr Hoban
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That will be a matter for the independent commission. One key point for EMAG and the ombudsman was the setting up of that commission. I want to give it the maximum latitude to decide its priorities for payment and who should be paid first.

Brian Binley Portrait Mr Brian Binley (Northampton South) (Con)
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The Financial Secretary has intimated that he aims to begin to make payments by the middle of next year. Thirty thousand policyholders, including a sizeable number in my constituency, have already died, and I urge him to rethink the question of making a pro rata, interim payment based on his cap figure. Will he please think about that more seriously than his previous answers suggest, because I am fearful that more people in my constituency will die and not receive fair treatment?

Mark Hoban Portrait Mr Hoban
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Many hon. Friends have raised that issue with me in debates in recent weeks, and I have asked my officials to look carefully at it. I have also thought through very carefully how we could make such a proposal work, but I am yet to be persuaded that we can do so in a way that is fair to policyholders who might not receive an interim payment.