Clause 1 — Payments
Support and Protection for Elderly People and Adults at Risk of Abuse
Mark Hoban (Financial Secretary, HM Treasury; Fareham, Conservative)
My hon. Friend is absolutely right. Our obligation is to compensate people for regulatory failure by the Government when they were the regulator of Equitable Life. The scheme is not an open-ended compensation scheme. It is very focused, and that was the ombudsman's recommendation. Her locus in this matter is a consequence of the Government having acted as the regulator for Equitable Life during the period in question.
Let me explain to the Committee and to Mr Hamilton, who raised the question, why