Baroness Bowles of Berkhamsted · Liberal DemocratAnswering body: Department for Business, Energy and Industrial Strategy
Parliamentary excerpt
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 22 November (HL3771), what assessment they have made of the critiques by the Penrose Inquiry into Equitable Life summarised in points (a) – (e) of Appendix IV paragraph 1.6 of FRS 27 of December 2004; and for each point, how they have addressed it with the IFRS Foundation; and if any points have not been addressed, why not.
Government answer
Answering body: Department for Business, Energy and Industrial Strategy
FRS 27 has addressed many of the critiques made by the Penrose Inquiry in the development of IFRS 17, except for the differences between the accounting bases for regulatory and financial reporting. Insurance is inherently a complex business so some complexity in the related financial reporting is inevitable. However, a standardised basis for financial reporting will go a long way to addressing concerns related to complexity.
The Penrose Inquiry also identified regulatory failures to restrain the hazardous conduct of firms and to protect stakeholders. The Financial Services Authority (now the Financial Conduct Authority) took the recommendations from the report to enhance the solvency and liquidity requirements and set other boundaries more tightly in the Solvency II legislation.
The accounting basis for regulatory purposes is not within the remit of the IFRS Foundation and regulatory reporting is not designed to report performance. The Prudential Regulatory Authority has responsibility for promoting the safety and soundness of insurers and the protection of policy holders.
Baroness Bowles of Berkhamsted · Liberal DemocratAnswering body: Department for Business, Energy and Industrial Strategy
Parliamentary excerpt
To ask Her Majesty's Government which of the deficiencies in insurance company accounting that were identified by the Penrose Inquiry into Equitable Life have been dealt with by the International Financial Reporting Standards Foundation; how they were dealt with; and if they were not dealt with, why not.
Government answer
Answering body: Department for Business, Energy and Industrial Strategy
The Penrose Inquiry into Equitable Life focussed on UK financial and regulatory reporting in the years leading up to 2001, and how they related to the Equitable Life Assurance Society.
The Inquiry identified that life insurance company accounts needed a consistent and realistic accounting basis for the preparation of accounts. They recommended the creation of consistent standards for the preparation and presentation of accounts for long term business. The IFRS Foundation has stated that this was a key aim when developing and publishing IFRS17. In order to make insurers’ financial statements more useful for users of financial statements.
To ask the Chancellor of the Exchequer, if his Department will make additional funding available to the Department of Health to enable improvements in the infected blood support schemes.
Government answer
Answering body: Treasury
The Budget confirmed that the existing health grant for those affected by Thalidomide will continue when the existing funding commitment expires in 2022/23.
Infected blood support schemes were established in 2017, following the publication of the Penrose Inquiry, and the government confirmed increased financial support in 2019 for those infected and affected.
We will consider any recommendations when the Infected Blood Inquiry reports, including any around financial support.
To ask the Chancellor of the Exchequer, with reference to the announcement in Budget 2021 that lifetime financial support will be provided for survivors of the Thalidomide scandal, whether the Government plans to provide lifetime financial support to the survivors and victims of the contaminated blood scandal.
Government answer
Answering body: Treasury
The Budget confirmed that the existing health grant for those affected by Thalidomide will continue when the existing funding commitment expires in 2022/23.
Infected blood support schemes were established in 2017, following the publication of the Penrose Inquiry, and the government confirmed increased financial support in 2019 for those infected and affected.
We will consider any recommendations when the Infected Blood Inquiry reports, including any around financial support.
Diana Johnson · LabourAnswering body: Department of Health
Parliamentary excerpt
To ask the Secretary of State for Health, whether all documents (a) disclosed in previous legal cases and (b) used for previous Departmental reports into contaminated blood were provided to (i) the Independent Public Inquiry on NHS Supplied Contaminated B
Government answer
Answering body: Department of Health
The Department cooperated with Lord Archer and Lord Penrose’s requests for documentary evidence, and the Departmental evidence that Lord Penrose used is referenced in his final report.
Diana Johnson · LabourAnswering body: Department of Health
Parliamentary excerpt
To ask the Secretary of State for Health, how many documents did the 2015 Penrose Inquiry on contaminated blood in Scotland request from his Department; how many of these requests were (a) accepted and (b) rejected; and how many documents submitted contained redacted information.
Government answer
Answering body: Department of Health
Although the Department was not called to provide witnesses to the Penrose Inquiry, we cooperated fully with Lord Penrose’s requests for documentary evidence, and the Departmental evidence that Lord Penrose used is referenced in his final report. Lord Penrose published the report of his public inquiry into infections acquired in Scotland on 25 March 2015. Nothing was withheld.
All documents up to 1995 are available through the National Archive.
Any redacted documents provided to the Inquiry will have been redacted in line with standard practice to protect personal information and with current Freedom of Information requirements.
Diana Johnson · LabourAnswering body: Department of Health
Parliamentary excerpt
To ask the Secretary of State for Health, what proportion of documents related to contaminated blood which were previously disclosed to (a) litigants, (b) the 2009 Independent Public Inquiry on NHS Supplied Contaminated Blood and Blood Products, (c) the 2015 Penrose Inquiry into contaminated blood in Scotland and (d) used to inform his Department's report on Self-Sufficiency in Blood Products in England and Wales published in 2007 are (i) currently readily accessible to members of the public ...
Government answer
Answering body: Department of Health
The Department has released a large quantity of relevant papers for inspection by Parliamentarians and the public.
Documents covering the period from 1970 to 1985 were published in 2007 and 2009, in line with the Freedom of Information Act 2000.
All relevant documents on blood safety for the period up to 1995 are now available on the National Archives website, having gone live in March 2016.
It is not possible to separately identify the proportion of documents disclosed for the various purposes requested.
Stephen Kinnock · LabourAnswering body: Department of Health
Parliamentary excerpt
To ask the Secretary of State for Health, with reference to the Prime Minister's oral statement of 26 March 2015, Official Report, column 1423, on the Penrose Report on contaminated blood, when the Government plans to respond to the findings of that report.
Government answer
Answering body: Department of Health
Lord Penrose made one recommendation in the Final Report, to ‘take all reasonable steps to offer a hepatitis C test to anyone who had a blood transfusion before September 1991 who has not been tested for hepatitis C’ through reminding general practitioners, nurses and other clinical staff of this matter, along with the National Health Service guidance to offer a hepatitis C test to those who may be at risk. The Penrose Inquiry was set up by the Scottish Government and so there is no requirement for the Department in England to provide a formal Government response to the final report published on 25 March 2015. We have, however implemented the recommendation in the Penrose Report by issuing reminders as recorded in the Written Ministerial Statement made on 20 July 2015 (Official Record HCWS146) and addressed in the Contaminated Blood Products debate (HC Deb, 9 September 2015, c86WH).
Tim Farron · Liberal DemocratAnswering body: Department of Health
Parliamentary excerpt
To ask the Secretary of State for Health, whether his Department has received any adverse notifications from the Penrose Inquiry relating to people in Scotland infected with hepatitis C and HIV acquired from exposure to contaminated blood and blood produc
Government answer
Answering body: Department of Health
The Penrose Inquiry has stated that the identities of the recipients of warning letters are confidential. We are therefore unable to either confirm or deny whether the Department has received a warning letter.
Diana Johnson · LabourAnswering body: Department of Health
Parliamentary excerpt
To ask the Secretary of State for Health, what discussions he has had with the Scottish Executive about the timetable for publication of the Penrose Inquiry.
Government answer
Answering body: Department of Health
The timetable for Lord Penrose to complete his report and publish it, is a matter for Lord Penrose himself to decide. Lord Penrose has publicly announced that he will publish his report in the autumn of 2014, but we do not know the exact date. We are keeping in touch with the Cabinet Secretary for Health and Well Being of the Scottish Government.