On 18 August Sir John Chadwick issued an interim report that set out an approach for assessing relative loss, the definitive questions he believes need to be addressed in taking forward that approach; and the principles he proposes to adopt to determine the appropriate proportion of losses to apportion to the public bodies.
He has extended his original response deadline, to 16 October, with a view to allowing time for interested parties to make responses following the outcome of the judgment of the divisional court in the judicial review proceedings brought against HM Treasury in relation to its response to the parliamentary ombudsman’s report into the prudential regulation of Equitable Life. The timing of the judgment is a matter for the court, but is expected to be handed down soon. The Treasury will consider the judgment carefully and respond to Sir John’s interim report as soon as it is in a position to do so, recognising that speed continues to be of the essence in this matter.
I will update the House as soon as it is possible to do, after the court’s judgment is promulgated.