Consumers of Financial Services: Compensation

Part of Treasury – in the House of Commons at on 20 June 2023.

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Photo of Bob Blackman Bob Blackman Conservative, Harrow East

I thank my hon. Friend for that answer. It is clearly important that where the ombudsman recommends that compensation be paid, banks pay it. Equally, the Government should pay compensation, such as when the parliamentary ombudsman found against them on Equitable Life policyholders, as was mentioned by Jim Shannon. I understand that the budget to pay compensation to those policyholders has been underspent by some £300 million, so rather than return the money to the Treasury, will my hon. Friend use it to compensate the Equitable Life policyholders who have suffered in the long term?