The former shadow home secretary David Davis has secured a 90-minute Westminster Hall debate on the Government's response to the latest Parliamentary Ombudsman's report on Equitable Life.
The debates in Westminster Hall (this one will be on 19 May) are one of the better innovations in Parliamentary procedure in recent years. They give MPs the opportunity to raise topical but often quite narrow issues like this and have a government minister answer the debate.
Previously, these sorts of issues were squeezed in late at night in the main chamber and got very little attention. They take place in the large committee room just off the historic Westminster Hall and are open to the public, although the space is rather limited.
I expect next Tuesday to attract quite a few interested observers as well as a big turnout of MPs. This debate will be a chance to put the Government, in the shape of a junior Treasury minister, on the spot over its refusal to acknowledge the extent to which the failings of Government departments and regulators contributed to the demise of Equitable Life.
In particular, the refusal to even contemplate a proper compensation scheme has angered campaigners and their Parliamentary supporters.
What won't happen is for any sort of vote to be taken, as this is not part of the brief for Westminster Hall debates.
It might, depending on how it goes and the extent to which the Treasury continues to stonewall the Ombudsman's calls for justice for Equitable Life policyholders, pave the way for a full debate in the House of Commons.
This would probably have to be in opposition time but they may be willing to lend one of their debating slots to this cause if there appears to be a serious chance of embarrassing the government.
The trick for the Treasury will be to try to defuse this timebomb sufficiently to prevent this happening.
The danger for the government is that MPs could decide this is an issue that might help them start rebuilding public trust in them after the expenses fiasco. Pressing for adequate compensation for pensioners who have lost out through government incompetence could play well in the current climate.
IFAonline| Comment | Govt to be put on spot over Equitable Life |
Related articles
From IFAonline
Categories
Tags
Comments
Related articles
Most Read
Ensure you never miss another story by following IFAonline regularly updated news feed on Twitter.
Events
Poll
|
|
Related Information
Job search
Adviser Careers will open the right investment career path for you. Search hundreds of vacancies on www.advisercareers.com now
In Focus
Newcastle IS , a dedicated service for Independent Financial Advisers and intermediary networks, has launched a new market leading range of Fixed Rate Bonds offering rates of up to 3.25% Gross/AER plus generous upfront commission rates for IFAs.
Viewpoints
With the debate surrounding funding long term care in the run up to the last general election, few areas have been as topical or well publicized.
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment