[Albert Owen in the Chair] — Arch Cru Compensation Scheme

Part of the debate – in Westminster Hall at 9:30 am on 19 October 2011.

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Photo of Mark Lazarowicz Mark Lazarowicz Labour, Edinburgh North and Leith 9:30, 19 October 2011

I congratulate my hon. Friend on the way he presents the subject under discussion and on securing the debate. The fact that MPs from all four nations of the UK and five political parties are present indicates how widespread the problem is throughout the country.

We clearly need an inquiry and to find out what has been going on. We do not want a repeat of the Equitable Life saga when it took 10 or 15 years before people got sight of any money. We need an inquiry, but we also need action by regulators and the Government to try and help people who, as my hon. Friend pointed out, in many cases made what they believed to be a low-risk investment for their later years. They will not be able to wait 10 or 15 years.