Equitable Life

Paul Flynn Excerpts

Thursday 22nd July 2010 Commons Chamber

[Mr Hoban]

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.

[Paul Flynn (Newport West) (Lab)]

It is unfortunate that the Financial Secretary has omitted any word of gratitude to Tony Wright and other members of the Public Administration Committee, who pursued the matter with great energy and intelligence. Perhaps the hon. Gentleman wants to make the issue a political football. My constituents will ask what alchemy reduced £4.8 billion to a maximum of £650 million. Why do they have to wait another year? Were they not deceived by the Conservatives’ exaggerated claims in their election propaganda?

[Mr Hoban]

Given that the hon. Gentleman was meant to be seeking a bipartisan spirit, it did not last much longer than his first sentence. I paid tribute to the hon. Member for Leeds North East (Mr Hamilton), and I know from discussions with hon. Members of all parties that all Members of Parliament want to get the matter resolved. We all have constituents who have been involved, and the Public Administration Committee was one of many routes whereby the previous Government were pursued to deliver justice for policyholders quickly.