Speaking in the Opposition Day Debate on Equitable Life in the House of Commons last week, John Redwood reiterated his demand that the Government pay compensation to Equitable Life policyholders who lost money as a result of regulatory failure, and enquired whether victims could expect more sympathetic treatment under a Conservative Government.

The full text of John’s interventions, taken from Hansard, follows:

Mr. Redwood: As the Minister who promptly paid compensation, with the permission of the House, after the regulatory failure in the Barlow Clowes case was found to be maladministration, may I ask my hon. Friend to confirm that a future Conservative Government would be prompt in making some compensation available to Equitable Life victims?

Mr. Hoban: My right hon. Friend speaks from his experience of Barlow Clowes. The Prime Minister has tried to avoid paying compensation to people who suffered loss through the maladministration of Equitable Life. He is trying to block the process and has fought every step of the way to prevent that from happening. I am happy to say that we want to ensure that policyholders receive the justice that they deserve. The Chief Secretary was careful in his language and phraseology about quite what would happen in spring 2010, so it seems that whoever wins the next general election will have to deal with the problem, and clear up the mess that this Government have left, in order to provide justice for Equitable’s policyholders.

Mr. John Redwood (Wokingham) (Con): Is not the bottom line, then, that whenever the next general election is held the Government will go into it having to say to Equitable Life policyholders, “We have not agreed any compensation for you”?

Mr. Byrne: I hope that we will not be in that position.