Oral Answers to Questions

Debate between Neil Parish and Bob Blackman

Thursday 31st March 2022 Commons Chamber

[Neil Parish (Tiverton and Honiton) (Con)]

10. What steps the Government is taking to increase opportunities for small businesses to bid for Government contracts.

[Bob Blackman (Harrow East) (Con)]

15. What steps the Government is taking to increase opportunities for small businesses to bid for Government contracts.

Equitable Life Policyholders: Compensation

Debate between Neil Parish and Bob Blackman

Thursday 23rd March 2017 Commons Chamber

[Neil Parish (Tiverton and Honiton) (Con)]

I thank my hon. Friend for bringing this issue to the House yet again because policyholders with Equitable Life have been very badly treated. The finances of this country are now much improved, and it is time that we looked yet again at the situation of these policyholders, because their policies were oversold and actuaries hyped up their value well beyond anything that could be delivered, even at the time. Many people have never been held to account, but the policyholders have had millions of pounds taken from them through their insurance policies and pensions.

[Bob Blackman]

I thank my hon. Friend for that lengthy intervention. The reality is that, as he suggests, there are more than 1 million victims. The former Chancellor, my right hon. Friend the Member for Tatton (Mr Osborne), accepted at the Dispatch Box that the total sum to be paid in compensation should be £4.1 billion, but 895,000 people have received only 22% of their losses. The payments process has been less than transparent, and policyholders have no way to check the calculations that have been made. That creates a difficulty for all who support the policyholders; at this point, I want to pay tribute to the Equitable Members Action Group, which has done such diligent work on their behalf.