The Conservatives have called for an immediate revision of rules that prevent the parliamentary watchdog investigating the Government Actuary’s Department, in an attempt to make it easier to compensate Equitable Life policyholders.

Andrew Tyrie, the shadow financial secretary, said that it would be “simple” to extend the Parliamentary Ombudsman’s remit to include the department, which was heavily criticised in the Penrose report for its role in the regulation of Equitable Life.