Geoffrey Clifton-Brown
Main Page: Geoffrey Clifton-Brown (Conservative - North Cotswolds)Department Debates - View all Geoffrey Clifton-Brown's debates with the HM Treasury
Equitable Life (Payments) Bill
Geoffrey Clifton-Brown Excerpts(14 years, 3 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Hoban
Indeed, and we have tried to bring to this matter a time scale and a sense of purpose and pace in resolving it. Of course, had it been resolved earlier, the compensation bill would have been cheaper and the pain suffered by Equitable Life policyholders far less. The previous Government dragged their feet, and we have to pay the price.
Geoffrey Clifton-Brown (The Cotswolds) (Con)
May I congratulate my hon. Friend on the progress he has made, given the complexities he alluded to of the time scale and the size of the calculations he has to make? He has already said that the commission will start work and first payments should be made to valid claimants next June. However, can he give any idea of the timetable by which all valid claimants, unless there is an appeal or other court procedure, might expect to receive a payment?
Mr Hoban
I cannot give that commitment yet, and we will not be able to do so until we see the scheme proposed by the independent commission. However, I am clear in my own mind that the time between the first and the last payments needs to be as short as possible, because these policyholders demand justice quickly—and that is what I am keen to deliver.
Stephen Timms
If I remember correctly, there was a statement in January 2009 in response to the ombudsman’s report.
Precisely the people who promised the earth before the election have now decided to sell EMAG down the river. It is a breathtaking breach of trust.
Geoffrey Clifton-Brown
Is this not a bit rich, coming from the right hon. Gentleman, for whom I have a great deal of respect? He had 13 years in which to sort this problem out. He obfuscated the ombudsman not once but twice, and then refused to implement the ombudsman’s ruling. This whole issue could have been resolved by now. We need not have been debating it today if his Government had just got on and done it.
Stephen Timms
I think I am right in saying that the hon. Gentleman was one of those who signed the pledge. He will now need to work extremely hard to persuade his hon. Friends on the Front Bench to deliver what he and so many of his hon. Friends have signed up to.