Equitable Life

Treasury written question – answered on 7th November 2001.

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Photo of Christopher Chope Christopher Chope Shadow Spokesperson (Treasury)

To ask the Chancellor of the Exchequer if he will instruct the Personal Investment Authority ombudsman to resume investigation of complaints from policyholders of the Equitable Life Assurance Society; and if he will make a statement.

Photo of Ruth Kelly Ruth Kelly Economic Secretary, HM Treasury

The service provided by the PIA ombudsman is impartial and independent and the Treasury does not have the power to instruct the PIA ombudsman.

Under the current regime for regulation of investment business, established under the Financial Services Act 1986, the PIA ombudsman provides a complaints resolution service for customers of firms authorised by the PIA, including the Equitable Life Assurance Society. From 1 December 2001, the PIA ombudsman will be replaced by the Financial Ombudsman Service. However, the independence of the ombudsman will remain unchanged.

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