§ Mr. OttawayTo ask the Chancellor of the Exchequer for what reason the guidance from the Insurance Directorate to all companies of 18 December 1998, on guaranteed annuity option costs and policyholders' reasonable expectations was withdrawn on 20 July. [144170]
§ Miss Melanie JohnsonAs I made clear to the House in an Adjournment debate on 19 December 2000,Official Report, column 56WH, the reason the advice was changed was to take into account the clarification of the law given in the authoritative judgment of the House of Lords on 20 July 2000 in Equitable Life Assurance Company v. Hyman.