The hon. Member is exactly right about how younger generations can be affected. We have recently seen attempts by some Horizon victims, and indeed children of victims, to seek compensation. The tragedy of his point about justice delayed being justice denied is that older victims of these scandals are dying before they see that justice, and before enjoying any of the compensation that they deserved.
I set out nine underlying principles that would establish a common-sense bedrock for a compensation scheme. To deliver those principles for fair redress and to guarantee independent oversight, we need an arm’s length body to design and adjudicate the schemes. The existing voluntary mechanisms for redress are far too fragmented. We need a standing, independent body that can provide consistency for victims of scandals—no matter the sector—which can be activated whenever a new scandal emerges. It should be constituted of experts, so that it guarantees independence of judgment, and should be accountable directly to Parliament for the expenditure of any public funds and for its overall conduct. Critically, victims must also have representation on the panels.
The structure would come at no extra cost to the taxpayer, as the current compensation framework often proves lengthy and costly for both victim and taxpayer.
Taken together, the nine UK redress schemes—whether active or completed—studied by the all-party parliamentary group on fair business banking have cost at least £3.7 billion. That figure covers not only the amount of compensation that has gone to victims, but, as we have discussed, the fees to solicitors, accountants and firms that have engaged to undertake reviews—and indeed firms that are reviewing reviews. More often than not, victims are left feeling cheated. They eventually cling on to some sort of late, inadequate consolation of redress and compensation. In the case of the Post Office, many of the 555 sub-postmasters who were exposed to the scandal have still received little compensation, because most of the money was swallowed up.
We need lessons to be learned from the array of scandals that I have set out. I am curious to hear what the Minister has to say about the proposal for an arm’s length body to deal with situations of the kind that I and right hon. and hon. Members have described.
12.39 pm