EQUITABLE LIFE COMPENSATION (No. 2)

That this House notes with concern that the Government has declined to accept the Parliamentary Ombudsman's recommendation on a tribunal to ensure that fair compensation is paid to Equitable Life members who suffered losses, but is instead using the Chadwick Process which fails to command the confidence of the public or of industry; and further notes that if the Ombudsman's recommendation were implemented, any money awarded would be quickly returned to the economy, unlike that used to rescue the banks.