Commons Sense

House of Commons · Ministers' Questions

Financial Ombudsman Service Decisions: Cost of Implementation

Tuesday 20 June 2023 · 2 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Key points

  • Ministerial discussions on the costs of implementing Financial Ombudsman Service decisions have been raised multiple times in the House.
  • The Government has been informed about the issue concerning the Equitable Life scandal victims.
  • The Minister respects the hon. Member for raising these issues but states they have been addressed previously.

Topics (select to filter)

Questions & Answers

Q1 Jim Shannon DUP Strangford
Context

The issue of costs associated with Financial Ombudsman Service decisions has been a long-standing concern in the House.

Question

Whether he has held discussions with banks on the costs of implementation of Financial Ombudsman Service decisions. This has been an ongoing issue in the House for some time, and I spoke to some of the Minister's colleagues beforehand. The Chancellor and the Minister will know that the parliamentary ombudsman found that 1 million Equitable Life savers lost money as a direct result of Government decisions.

Answer from Andrew Griffith

I respect the hon. Member for raising this issue. It has however, been raised many times before in this House, and answered from this Dispatch Box as well.

Not addressed: The specific question about why the Government is holding themselves to a different standard regarding Equitable Life savers was not directly addressed.

How: It Has However, Been Raised Many Times Before In This House, And Answered From This Dispatch Box As Well.

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Q2 Jim Shannon DUP Strangford
Benefits & Welfare Standards & Ethics
Context

The issue of costs associated with Financial Ombudsman Service decisions has been a long-standing concern in the House. The parliamentary ombudsman found that 1 million Equitable Life savers lost money as a direct result of Government decisions.

Question

Why are the Government holding themselves to a different standard and ignoring the wishes of the parliamentary ombudsman, having paid victims of the Equitable Life scandal only 22% of the money they lost from their pension funds?

Answer from Andrew Griffith

I respect the hon. Member for raising this issue. It has however, been raised many times before in this House, and answered from this Dispatch Box as well.

Not addressed: The specific question about why the Government is holding themselves to a different standard regarding Equitable Life savers was not directly addressed.

How: It Has However, Been Raised Many Times Before In This House, And Answered From This Dispatch Box As Well.

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