Conceptually and practically, feedback typically sits within a pedagogical, rather than a philosophical, framework. Drawing on a longitudinal study with student teachers seeks, this paper seeks to critically reframe feedback beyond the pedagogical by considering the moral tensions and ethical dilemmas within feedback, thereby revealing an inherent duality in feedback as a phenomenon. Specifically, the study followed a group of student teachers through their three-year teacher education programme in order to explore their experiences and conceptions of feedback as these developed during their degree. Key to the study is the unique situation of student teachers as givers and receivers of feedback; but it also arises from their unique exposure to the neoliberal policy climate, as a consequence of the penetration of initial teacher education by high stakes regulatory mechanisms that may be at odds with the student teachers' emerging professional judgement. As such, what we are calling the 'double indemnity' of feedback is partly informed by the participants' dual and conflicted experiences as a learner and teacher but also by losses of innocence, optimism and sense of efficacy they experience as part of their development within the moral economies of feedback.