I have been along standing supporter of compensation for the victims of Equitable Life. Bad regulation is partly to blame for what went wrong, and bad and slow regulatory and government resposnes since have made a bad situation worse. I have been a consistent and public proponent of the government responding promptly to the Ombudsman’s Report and making the payments. I had to do just that for the victims of Barlow Clowes when I was the responsible Minister and inherited a collapse which was partly caused by bad regulation.
The official Conservative party position, is, I am pleased to say, to make paying compensation an early priority should they win the election. All that remains to be settled is how generous it should be. I will represent local victims of this financial tragedy in any debate that follows, if elected to Parliament.
Promoted by Christine Hill on behalf of John Redwood, both of 30 Rose Street, Wokingham RG40 1XU
April 13, 2010
Thank you for making your views clear.
The way the Labour Government has sidelined the Parlimentary Ombudsmans report. The report from the EU Parliament, and a Cross Party report into this Regulatory failure is simply shameful.
The fact that the FSA was also in charge during many other Insurance and Pension selling failures of the past two decades, indicated in my view a complete lack of understanding of the industry.
The fact that Gordon Brown then asked the FSA to oversee Bank Regulation in 1997 simply beggered belief given its past performance.
Why were we surprised then when the Banks failed.
First job you need to do, if and when you get into government, is to either make sure the FSA is now up to speed or better still, just have the Bank of England overseeing the Banks.
April 13, 2010
Well said, John.
I can vouch for the fact that John has been a long-term supporter of the just cause of compensating Equitable Life victims.
May 4, 2010
Why were we surprised then when the Banks failed.
it'a right!
May 27, 2010
I can vouch for the fact that John has been a long-term supporter of the just cause of compensating Equitable Life victims.
October 21, 2010
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