APPG Fair Business Banking
Debates in Parliament – in latest order sequence
18 December 2018 Volume 651 4.30 pm
I beg to move,
That this House has considered the independent review of HBOS Reading.
It is a pleasure to serve under your chairmanship, Sir Christopher. There are some fundamental business principles that underpin any free market economy: we compete on a fair and level playing field; we all have a fair, fighting chance of success; we all play by the same rules; and our regulations and the rule of law ensure, where injustices occur, that justice is done and is seen to be done.
09 October 2018 Volume 647 4.30 pm
I beg to move,
That this House has considered the investigation of business banking fraud.
It is a pleasure to serve under your chairmanship, Mr Robertson. We have had many debates in both Westminster Hall and the Chamber that have focused on the mistreatment of thousands of small and medium-sized enterprises at the hands of financial institutions which, in the wake of the financial crisis, sought to shore up their balance sheets as they plundered those of their business customers.
12 July 2018 Volume 644 1.30 pm
I beg to move,
That this House has considered failures in the banking sector.
It is a privilege to serve under your chairmanship and guidance, Mr Bone, as we find ourselves gathered to discuss the banking situation. I thank the Backbench Business Committee for facilitating this debate and the hon. Member for Stirling (Stephen Kerr), for co-sponsoring it.
On 10 May, I was proud to lead a main Chamber debate, in which I raised the section 166 report and called for full redress for the victims of profound financial misconduct. Today’s motion is deliberately phrased more broadly, to enable us to reflect our constituents’ many frustrations with the banking industry. I am therefore glad that we have been given a significant amount of time to discuss this issue. There will be a diverse range of submissions from Members who wish to discuss their constituency matters.
10 May 2018 1.32 pm House of Commons
I beg to move,
That this House welcomes the public disclosure of the Section 166 report into the conduct of RBS Global Restructuring Group (GRG); is concerned about the fundamental difference of tone and emphasis between the summary produced by the Financial Conduct Authority (FCA) and the full report; believes this calls into question the strength and independence of the regulator; notes that the concerns raised in the debate on 18 January with regard to the financial services sector, which is not limited to RBS and its advisors, not only persist, but are amplified by the conclusions in the report; calls on HM Treasury to instruct the FCA to move on to phase 2 of the investigation into the root causes of the conduct of RBS GRG by a body independent to the FCA; and once again calls for an independent inquiry into the financial services sector and the associated industries that have allowed misconduct to thrive, and the establishment of an independent mechanism for redress for businesses.
18 January 2018 12.04 pm House of Commons
I beg to move,
That this House is deeply concerned by the treatment of small and medium-sized enterprises (SMEs) by the Global Restructuring Group of the Royal Bank of Scotland; notes that there are wider allegations of malpractice in financial services and related industries; believes that this indicates a systemic failure to effectively protect businesses, which has resulted in financial scandals costing tens of billions of pounds; further believes that a solution requires the collective and collaborative effort of regulators, Parliament and Government; and calls for an independent inquiry into the treatment of SMEs by financial institutions and the protections afforded to them, and the rapid establishment of a tribunal system to deal effectively with financial disputes involving SMEs.
15 December 2016 Volume 618 1.03 pm IRHP
I beg to move,
That this House notes the statement presented to the Treasury Committee on 20 July 2016 by Dr Andrew Bailey of the Financial Conduct Authority (FCA); endorses his statement that the ad hoc creation of a compensation scheme within the FCA was not entirely successful and lacked perceived authority to treat customers with fair outcomes; believes that the recent headlines and allegations in the press against RBS will lead to pressure for a similar scheme; notes that many debates in this House over the years have focused on similar subjects with different lenders; believes that what is needed is not ad hoc compensation schemes, but a long-term, effective and timely dispute resolution mechanism for both regulated and unregulated financial contracts; and calls on the FCA, the Department for Business, Energy and Industrial Strategy and the Ministry of Justice to work with the All-Party Parliamentary Group on Fair Business Banking to create a sustainable platform for commercial financial dispute resolution.
1 February 2016 Prior Parliament 7.39 pm
I beg to move,
That this House believes that the Financial Conduct Authority in its current form is not fit for purpose; and has no confidence in its existing structure and procedures.
It is four years since I first raised the issue of interest swap mis-selling in this Chamber. Since then, I have led three Back-Bench business debates on the issue; an Adjournment debate on the Connaught Income Fund, which is another example of financial mis-selling; and a debate on the global restructuring group. I have also contributed to an effort to secure a debate on the future of the Royal Bank of Scotland. It is clear that I have attempted to utilise this House to bring to the attention of Members and the wider public the issue of financial mismanagement and the lack of financial regulation in the marketplace.
Some people have argued that this debate and this motion are premature. Given the evidence and information that I will present, I argue that they are long overdue. We must remember that the Financial Conduct Authority has a clear and specific mission statement:
4 December 2014 1.17 pm
Guto Bebb (Aberconwy) (Con): I beg to move,
That this House has considered the Financial Conduct Authority’s redress scheme, adopted as a result of the mis-selling of complex interest rate derivatives to small and medium sized businesses, and has found the scheme’s implementation to be lacking in consistency and basic fairness; considers such failures to be unacceptable; is concerned about lack of transparency of arrangements between the regulator and the banks; is concerned about the longer than expected time scale for implementation; calls for a prompt resolution of these matters; and asks for the Government to consider appointing an independent inquiry to explore both these failings and to expedite compensation for victims.
17 December 2013 Volume 572
It is a pleasure to serve under your chairmanship this morning, Sir Roger.
I am pleased to have secured this debate on the Tomlinson report prior to the Christmas recess, because it is important and touches on a lot of my work on interest rate swap mis-selling. The report’s scope is wider than just the interest rate swap mis-selling scandal, and it looks at how a certain part of the Royal Bank of Scotland, namely the global restructuring group, has been operating in relation to small businesses. It is important to place on the record that Lawrence Tomlinson’s findings reflect what I have seen both as a constituency MP and in my work on interest rate swap mis-selling.
Prior to the report’s publication, Lawrence Tomlinson spoke to the all-party parliamentary group on interest rate swap mis-selling, and it is fair to say that many Members in that meeting were shocked by what they heard about banks’ behaviour. What should concern us more than the fact that Members were shocked by Mr Tomlinson’s comments is that many of them were not surprised. When some of the report’s findings were highlighted, it was concerning to see that such activity was recognised by Members from their constituency casework. If MPs are not surprised by allegations of behaviour that verges on the criminal, there is cause for significant concern about banks’ behaviour.
24 October 2013 Volume 569 11.27 am
I beg to move,
That this House considers the lack of progress made by banks and the Financial Conduct Authority on the redress scheme adopted as a result of the mis-selling of complex interest rate derivatives to small and medium businesses to be unacceptable; and notes that this lack of progress is costly and has caused further undue distress to the businesses involved.
I am surprised to be back here 15 months after the first debate on this important issue. I appreciate the Backbench Business Committee—the Chair is in her place—once again offering time to debate it. The first debate made a significant difference. Prior to that debate, the Financial Conduct Authority and the banking sector were refusing to acknowledge that there was an issue that needed to be dealt with. A few days after the first debate, that changed and a pilot scheme was announced.
21 June 2012 Volume 546 12.02 pm
I beg to move,
That this House has considered the matter of the mis-selling of interest rate swap products to small and medium-sized businesses; notes the work undertaken by the Financial Services Authority in this respect; and calls for a prompt resolution of the matter.
I thank the Backbench Business Committee for awarding me the debate. It has received a number of fine applications for time in the main Chamber and I am grateful for the opportunity to raise the issue of the mis-selling of bank interest rate swap products. A number of colleagues have indicated their willingness and a desire to speak in the debate, so I shall try to be as concise as I can in my opening remarks.
The issue came to my attention in dealing as an MP with the hassles raised in constituency surgeries. It is a great advert for doing surgeries: we never know what will come through the door. Back in the autumn of last year, a constituent came in to talk about interest rate swaps, collars, caps and similar things. I was a self-employed business person for 15 years before I was elected to this place, and it crossed my mind that this business man who was talking about the loss of his business and his hotel and the potential loss of his house might be finding an excuse for his business failure. I am not a hard-hearted individual, but I have been in business for a long time and I have the view that there is the rule of buyer beware in transactions with banks and other financial institutions. I therefore listened to his case attentively but with a degree of scepticism, wondering whether he was looking for an excuse for what happened to him.
The more I listened, however, the more I thought that there was something that I should look into, and the crux for me came when I tried to get hold of the verbal agreement between my constituent, Mr Colin Jones, and his bank. It took us a long time to get the bank to allow us to see a transcript of the verbal agreement, and by that point I understood something about the nature of interest swap derivatives and what was meant by swaps, caps and collars. I had a degree of understanding that we were not considering a straightforward financial product.
Small Businesses (HBOS) 02 June 2009 Volume 493 12.30 pm
Order. Unusually, the hon. Member for South-East Cambridgeshire (Mr. Paice) and the Minister have agreed that a number of other speakers can participate. The hon. Members whose names I have and whom I will allow to speak are the hon. Members for Arundel and South Downs (Nick Herbert), for Westbury (Dr. Murrison) and for Wantage (Mr. Vaizey). Any other hon. Members who want to speak will have to do so in an intervention because we really must leave the Minister time to respond to the comments that are made. I am sure that right hon. and hon. Members will be aware that any individuals about whom they make comments will not have any redress, because of the absolute privilege that exists in this Chamber.
Thank you very much, Mr. Taylor. I am grateful for the opportunity to raise this issue. I am also grateful to my many right hon. and hon. Friends who have joined me. As you rightly said, it will be a challenge to get everyone in in a 30-minute debate, so I will move swiftly on to the meat of the issue.
The debate revolves around a number of businesses whose affairs were handled by the Reading office of HBOS, under the management of a Mr. Lynden Scourfield, until early 2007. The issue was the subject of a BBC investigation for “File on 4”, which was broadcast on Tuesday 26 May.
Let me say that this is not about Government policy, and I have had a brief conversation with the Minister. There is evidence not only that the bank’s own regulatory controls failed, but that the Financial Services Authority should have been informed. In at least some cases, there is evidence to justify criminal investigations. The objective of the debate is to persuade the Minister to undertake to present the issue to the regulatory authorities for a full and exhaustive examination.