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Adjournment Debate - The Penrose Inquiry into Equitable Life 4 November 2003 |
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With thanks to Brian MacDermot, a With-Profits Annuitant
I have just returned to my office from the
Equitable Life Adjournment Debate instigated by Mark Ottoway, MP in
Westminster Hall. May I say I was disappointed at the small number of
policyholders who managed to turn up. As we left the chamber there were more
members of the public lined up to attend the next debate - "Seal hunting
off the coast of Canada"!
Secondly I thought the Conservative MPs who
attended brilliantly set out the problems and the worries of their
constituents. But where were the Labour MPs? Only one was briefly present who
quite inappropriately tried to score a political point by blaming the
Conservatives. Did the Labour MPs refuse to represent the complaints of their
constituents in questioning the Treasury Minister Ruth Kelly? I believe any
policyholders represented by Labour MPs should contact their MP and ask what
action he or she is taking and why they could not be bothered to attend the
adjournment debate.
Finally Ruth Kelly managed to concede nothing,
and gave no promise of publishing the Penrose report as soon as possible when
received and in its entirety. She hid behind a vague threat of having to
submit the report to Treasury lawyers for legal clearance. On the subject of
compensation she would not commit the Government even if Penrose was critical
of the regulatory autorities. Action must now be stepped up by EMAG and all
associated groups. It is no good threatening to sue the Company i.e. ourselves
- we must tackle the Government for compensation 'en masse'.
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