Equitable Life (Payments) Bill

I do not agree with that point. There is a clear principle: the basis on which people were investing in Equitable Life. At that point, no one knew about the maladministration. We should also bear in mind the issue of practicality and the lack of information available to Equitable Life's policyholders. Hon. Members should reflect on the fact that no one would have made investment decisions based on anything that happened prior to 1992 until that information was in the public domain. That is why the group has been excluded from the calculation of relative loss.