Equitable Life Debate

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Department: HM Treasury

Equitable Life

Mark Field 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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I pay tribute to the hon. Gentleman’s excellent work as one of the joint chairmen of the all-party group. I note that the shadow Chief Secretary spoke to its members early this year, and I am happy to do the same. We have a good story to tell and I will not turn down any opportunities to tell it.

Mark Field Portrait Mr Mark Field (Cities of London and Westminster) (Con)
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Does the Financial Secretary feel bound by the 20 to 25% cap that Sir John seems to have plucked from the sky, or does he share my view that that flies entirely in the face of the transparency that the Government are trying to achieve for Equitable Life policyholders?

Mark Hoban Portrait Mr Hoban
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The debate is one of proportion rather than principle. In its representations on the matter, EMAG accepted that some policyholders would have stayed with Equitable Life or invested in it, despite knowing that it was not properly regulated. Indeed, several people joined Equitable Life quite late on, when its problems were well known, so there is some sense to the approach. The debate is about proportion, and I am prepared to take representations on that.