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Assets

Volume 458: debated on Thursday 29 March 2007

To ask the Chancellor of the Exchequer whether (a) he and (b) his officials have held discussions with (i) the Financial Services Authority and (ii) representatives from major insurance corporations on the treatment of orphan assets, with particular reference to distribution and reattribution; and if he will make a statement. (130482)

Treasury Ministers and officials hold regular meetings with the Financial Services Authority and representatives of the financial sector on a range of topics. Treasury officials have met representatives of Aviva and with the policyholder advocate appointed to represent policyholder interests. The Treasury also issued a consultation on 29 December 2006 on the role of the policyholder advocate and has received a number of responses. However, day-to-day supervision of reattribution of inherited estate is the responsibility of the Financial Services Authority.

To ask the Chancellor of the Exchequer if he will take steps to ensure that shareholders in major insurance corporations do not receive dividends based on the release of orphan assets at a higher percentage than on the distribution basis; and if he will make a statement. (130499)

I refer the hon. Gentleman to the answer I gave on 29 November 2006, Official Report, column 729W.