Business Banking Resolution Service

11th July, 2023

William Wragg MP, Co-chair of the APPG on Fair Business Banking, led a Backbench Business Debate on the Business Banking Resolution Service. You can read the Hansard here.

Economic Crime: Law Enforcement

7th July, 2022

Kevin Hollinrake MP, Co-chair of the APPG on Fair Business Banking, and Dame Margaret Hodge MP, Chair of the APPG on Anti-Corruption and Responsible Tax, led a Backbench Business Debate on Economic Crime Law Enforcement . You can read the Hansard here, alternatively, you can watch the debate here. A summary of the debate can be found here.

SMEs: Access to Finance

9 November, 2021

Peter Gibson MP Vice-Chair of the APPG on Fair Business Banking led a Westminster Hall Debate on access to SME finance. You can read the Hansard here, alternatively, you can watch the debate here. A summary of the debate can be found here.

‘Mortgage Prisoners and Vulture Funds

6 June, 2019

On 6 June 2019, Charlie Elphicke MP and Martin Whitfield MP co-sponsored a main chamber debate entitled ‘Mortgage Prisoners and Vulture Funds’. The Hansard can be read here. Alternatively, you can watch the debate here or read a summary briefing from the House of Commons Library here.

Substantive Motion:

That this House notes that the practice of selling mortgages and unregulated commercial loans to unregulated funds has been creating mortgage prisoners, exposes businesses to asset stripping and threatens to continue to create further mortgage prisoners and risks to businesses; is concerned that mortgage prisoners are being exploited by such unregulated funds by being kept on high standard variable interest rates and therefore denied the opportunity to take advantage of historically low interest rates or fix their mortgage interest payments to gain certainty over their mortgage payments; is further concerned that businesses continue to be exposed to asset stripping; further notes that many of those unregulated funds pay little or no UK tax while depriving citizens of opportunities and in many cases their homes; believes that HM Treasury should immediately require UK Asset Resolution to cease selling mortgages to any unregulated entity; considers that HM Treasury and the Bank of England should take all possible measures to ensure that mortgage prisoners are given access to new deals and fixed interest rates, and that banks cease discriminating against mortgage prisoners by offering them less favourable mortgage terms; further considers that the Government should expand the scope of FCA regulation to include all mortgages and all unregulated purchasers of mortgages; and calls on HM Treasury and the Bank of England to hold an urgent inquiry into the sale of mortgage and commercial debt by any financial institution to any unregulated entity, with the findings of such inquiry to be published.

UQ: Clydesdale’s Treatment of SMEs

19 March, 2019

On 19 March 2019, Angela Crawley MP secured an Urgent Question in the main Chamber regarding her constituent, Mr John Guidi and his dispute with Clydesdale/Cerberus. The Hansard can be read here. Alternatively, the UQ can be watched here. The Hansard for the UQ in the Lords can be read here.

HBOS Reading: Independent Review

18 December, 2018

On 18 December 2018, the APPG secured a Westminster Hall debate entitled ‘HBOS Reading: Independent Review’. The Hansard can be read here. Alternatively, you can watch the debate here or read a briefing from the APPG here.

The Investigation of Business Banking Fraud

9 October, 2018

On 9 October 2018, the APPG secured a Westminster Hall debate entitled ‘The Investigation of Business Banking Fraud’. The Hansard can be read here. Alternatively, you can watch the debate here or read a briefing from the APPG here.

Failures in the Banking Sector

12 July, 2018

On 12 July 2018, the APPG secured a Westminster Hall debate entitled ‘Failures in the Banking Sector’. The Hansard can be read here. Alternatively, you can watch the debate here or read a summary briefing from the House of Commons library here.

Banking Misconduct and the FCA

10 May, 2018

On 10 May 2018, the APPG secured a main chamber debate entitled ‘Banking Misconduct and the FCA’. The Hansard can be read here. Alternatively, you can watch the debate here (13:32) or read a summary briefing from the House of Commons library here.

Substantive Motion:

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.

RBS Global Restructuring Group and SMEs

18 January, 2018

On 18 January 2018, the APPG secured a main chamber debate entitled ‘RBS Global Restructuring Group and SMEs’. The Hansard can be read here. Alternatively, you can watch the debate here (12:02) or read a summary briefing from the House of Commons library here.

Substantive Motion:

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.

Cerberus Capital Management: Purchase of Distressed Assets

22 February, 2017

On 18 January 2018, the APPG secured a Westminster Hall debate entitled ‘Cerberus Capital Management: Purchase of Distressed Assets’. The Hansard can be read here. Alternatively, you can watch the debate here (16:44) or read a summary briefing from the House of Commons library here.

Substantive Motion:

That this House has considered the purchase of distressed assets by Cerberus Capital Management.

Commercial Financial Dispute Resolution Platform

15 December, 2016

On 15 December 2016, the APPG secured a main chamber debate entitled ‘Commercial Financial Dispute Resolution Platform’. The Hansard can be read here. Alternatively, you can watch the debate here (13:04) or read a summary briefing from the House of Commons library here.

Substantive Motion:

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.

Financial Conduct Authority

1 February, 2016

On 1 February 2016, the APPG (on Interest Rate Swap Mis-selling) secured time in the main chamber to debate the work of the Financial Conduct Authority. The Hansard can be read here. Alternatively, you can watch the debate here (19:39) or read a summary briefing from the House of Commons library here.

Tomlinson Report

17 December, 2013

On 17 December 2013, the APPG (on Interest Rate Swap Mis-selling) secured time in the main chamber to debate the Tomlinson Report. The Hansard can be read here.

Interest Rate Swap Derivatives

24 October, 2013

On 21 June 2012, the APPG (on Interest Rate Swap Mis-selling) secured time in the main chamber to debate the Interest Rate Swap Derivatives. The Hansard can be read here.

Substantive Motion:

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.

Interest Rate Swap Products

21 June, 2012

On 21 June 2012, the APPG (on Interest Rate Swap Mis-selling) secured time in the main chamber to debate the Interest Rate Swap products. The Hansard can be read here.

Substantive Motion:

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.