Press release 30/07/2010
Further to last week’s statement to the House by the Financial Secretary to the Treasury on its plans to deliver its commitment to implement the key recommendation for compensation to all those affected by the Equitable Life affair, followed by correspondence from the Parliamentary Ombudsman, Bill Cash said:
“I agree with the advice of the Parliamentary Ombudsman who welcomes the Government’s statement detailing the independent commission being set up and also a clear timetable being set out, but we have serious reservations about the recognition of injustice and compensation within the Chadwick report which has now been endorsed.
“My constituents feel let down by those Chadwick proposals.
“On behalf of my constituents I have taken those concerns up with the Chairman of the Public Administration Select Committee and with the Treasury minister.
“The Coalition Agreement states clearly that the Government will implement the Parliamentary and Health Ombudsman’s recommendation to make fair and transparent payments to Equitable Life policy holders, through an independent payment scheme, for their relative loss as a consequence of regulatory failure. I agree that this is precisely what must be done.”
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