FCA chief confirms public inquiry appropriate forum to investigate the APA

The APPG welcomes today’s comments by the Chief Executive of the FCA, Andrew Bailey, that any further investigation of the role of the Asset Protection Agency (APA) in the mistreatment of SMEs by RBS’s GRG unit should conducted as a public inquiry. In an evidence session with the Treasury Select Committee (TSC), Andrew Bailey today confirmed that the FCA’s report represented the full extent of their investigation into the influence of the Asset Protection Agency (APA) in RBS’s GRG unit and that “if an investigation is wanted it should not be by us, it should be a public inquiry”. It
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Another Regulatory "whitewash" in the GRG Scandal

After taking phase 2 of the inquiry into RBS GRG in-house, the FCA have today confirmed that they will not hold any senior managers to account for the “widespread” “inappropriate treatment” of customers and have said they “cannot say” whether they would have been able to bring a successful case against Senior GRG managers for the mistreatment of their SME customers under the Senior Managers Regime. Kevin Hollinrake MP, Co-Chair of the APPG on Fair Business Banking, said: “This report is another complete whitewash and another demonstrable failure of the regulator to perform its role. Phase 2 of the FCA’s
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MPs debate cross-party motion to free the mortgage prisoners and protect SMEs from vulture funds

On Thursday 6th June, MPs will debate a cross-party motion, co-sponsored by Charlie Elphicke MP and Martin Whitfield MP, aimed at pressuring the FCA and the Treasury to act to free ‘mortgage prisoners’ and protect SMEs from the unscrupulous asset stripping of ‘vulture funds’. There is estimated to be around 200,000 mortgage prisoners across the UK who are trapped with inactive and unregulated lenders and are unable to take advantage of historically low interest rates. The debate has a renewed urgency as Tesco Bank recently announced their intentions to sell off its £3.7 billion portfolio of mortgages, affecting some 23,000
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Charlie Elphicke MP Presents new Bill to help Consumers and Small Businesses

On Tuesday 7th May 2019, Charlie Elphicke MP will present a Ten Minute Rule Bill Motion entitled Banking (Consumer and Small Business Protection), which will make provisions to enable consumers to transfer mortgages between providers; to prohibit the sale of mortgage debt to unregulated entities; to prevent the foreclosure of certain business loans and to establish a Financial Services Tribunal. Charlie Elphicke MP, Member of Parliament for Dover, said: “The Bill makes the case for a new covenant that will deliver a fairer deal for consumers and small businesses. The focus will be on making provisions to free mortgage prisoners
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Supreme Court grants APPG permission for unprecedented intervention on reflective loss rule

The Supreme Court has granted permission to Trowers & Hamlins LLP, acting for the APPG on Fair Business Banking, to intervene in the hearing of Marex Financial Ltd v Carlos Sevilleja Garcia on 8th May 2019. The intervention will allow the court to take account of the APPG’s experience and the public policy considerations underpinning the rule against reflective loss. It is the first APPG to intervene in a Supreme Court Case. The rule against reflective loss presents an obstacle to accessing justice for the directors and shareholders of insolvent businesses as it acts as an exclusionary rule, preventing business
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Support our work

As the APPG gains yet more traction, it is imperative that we are able to raise sponsorship to build on our already substantial progress. To that end, we are inviting donations to support our work. Please find below a link for donations, which can be ‘one off’ or on a monthly basis. We recommend a minimum donation of £250 per annum.

Any donations will be recorded publicly in our register of interests.