Arch Cru Compensation Scheme
Debate between Tom Greatrex and Naomi Long(12 years, 6 months ago)
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Tom Greatrex
I thank my hon. Friend for her intervention. She makes an important point about people being able to make the right decision when they are offered this payment deal, particularly given that it seems to bind in the Financial Ombudsman Service in a way that makes it impossible for it to take a case subsequently. My hon. Friend makes an important point.
Naomi Long (Belfast East) (Alliance)
On that point, one of the concerns raised by constituents who have come to me is that the compensation offer is conditional and precludes legal action against Capita being brought to court by any investor who accepts it. However, it leaves open the option of the investor pursuing the financial advisers, who were, as Members have rightly said, misled by the information provided to them. That seems a very unjust transfer of responsibility.
Tom Greatrex
The hon. Lady is exactly right. It is almost as though the deal that has been reached leaves the liability with people who have, as she said, been misled, with the result that they end up carrying the can, which would be very unfair. That is why the deal on the table is wholly inadequate, and I will go on to make a few points about that.