§ Mr. ButterfillTo ask the Chancellor of the Exchequer how much compensation has been paid out directly by insurance companies regulated by the Life Assurance and Unit Trust Regulatory Organisation to investors who have suffered losses in respect of life and pensions business as a result of bad advice and fraud in each year since 1988.
§ Mr. NelsonI regret that this information is not available and could be obtained only at disproportionate cost. In the first instance, investors' complaints go directly to the life office involved. Where agreement is reached at this stage, firms are not required to publish details. If agreement cannot be reached, the Insurance Ombudsman Bureau can intervene. The ombudsman does not publish a breakdown of awards made to investors in the form requested.