Equitable Life

Part of Oral Answers to Questions — Treasury – in the House of Commons at 12:00 am on 25th January 2001.

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Photo of John Butterfill John Butterfill Conservative, Bournemouth West 12:00 am, 25th January 2001

Is it not clear that even if Equitable Life had won its court case in the Lords, there would almost certainly not have been enough to deliver its responsibilities to the guaranteed annuity policyholders without raiding the assets of the non-guaranteed policyholders? Has there not been a complete failure of regulatory supervision in this matter? Will the Chancellor publish not only the report of the investigation into the activities of the FSA and its predecessor SIB—the Securities and Investments Board—but the advice being given on the matter by the Treasury, which was also involved? Does the Minister agree that as the regulatory system, and especially the Treasury, have failed the public in this matter, the Government may well have a responsibility to compensate policyholders who have lost their money?