EQUITABLE LIFE (no. 2)

Early day motion 1337, tabled 4 June 2003 by Ian Gibson (Labour). Signed by 177 members.

That this House notes the forensic study of the Equitable Life's accounts by accountants Burgess Hodgson, which revealed a ú1 billion black hole in the Society's finances at the beginning of the 1990's; also notes that the report demonstrates the Society's management consistently voted bonuses so that its liabilities were in excess of its assets; is concerned that the financial information available to Burgess Hodgson was also available to the regulators at the time; notes that many pensioners are currently suffering financial hardship because of the Society's mismanagement and an apparent failure of the regulatory system to protect policyholders; and calls on the Parliamentary Ombudsman to immediately investigate the complaints of maladministration relating to the period before 1999 that have been referred to her by many honourable Members on behalf of their constituents.

Signatures by party: Labour 91, Liberal Democrat 37, Conservative 26, Labour/Co-operative 8, UUP 4, DUP 3, Plaid Cymru 3, Scottish National Party 3, Independent 1, Independent Ulster Unionist 1.