PARLIAMENTARY DEBATE
Financial Ombudsman Service Decisions: Cost of Implementation - 20 June 2023 (Commons/Commons Chamber)
Debate Detail
Contributions from Andrew Griffith, are highlighted with a yellow border.
Jim Shannon
Strangford
11:34:33
Andrew Griffith
The Economic Secretary to the Treasury
The Financial Ombudsman Service offers a proportionate and informal resolution of disputes that is cost-free for consumers. Where it upholds a complaint against a firm, it can award redress for that concern to that consumer. I work very closely with my officials and with the Financial Ombudsman Service to make sure consumers have the justice they require.
11:35:06
Jim Shannon
I thank the Minister for that that response. 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. Why, then, 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? I say that with great respect, but I do think we need an answer.
11:35:21
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.
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