Equitable Life

Part of the debate – in the House of Lords at 3:03 pm on 13th October 2008.

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Photo of Lord Skelmersdale Lord Skelmersdale Shadow Minister, Work & Pensions 3:03 pm, 13th October 2008

My Lords, in one of the ombudsman's comments blame was laid—in part, anyway—on the Financial Services Authority. When it was set up, it was told to regulate with a light touch. Given the current banking crisis, which was made considerably worse by that light touch, do the Government consider that the time has come to give new instructions to the FSA?