Statements

Reaction to UK Finance statement on FCA mortgage prisoner data

Last year the FCA introduced new rules that would allow lenders the flexibility to help some mortgage prisoners. Evidence we have seen thus far indicates that TSB and the Co-Op are the only lenders that have been actively offering better rates to its current customers. The process by which some former Northern Rock and Bradford and Bingley customers ended up with active, high street lenders–such as TSB and the Co-Op –and those that ended up with vulture funds–who serve as no more than debt collectors–was arbitrary. And here we must be clear: the term ‘inactive lender’–commonly used to describe vulture
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Chancellor agrees to take up APPG concerns over BBRS eligibility

On Wednesday 30 October, the Chair of the APPG on Fair Business Banking, Kevin Hollinrake MP, had a constructive meeting with the Chancellor of the Exchequer, the Rt Hon Sajid Javid MP, to discuss the Business Banking Resolution Service (BBRS) and our unresolved concerns regarding the eligibility criteria of the scheme. As set out to Kevin Hollinrake MP’s letter dated 4 October 2019 to the Chair of the BBRS Implementation Steering Group (ISG), Lewis Shand Smith, the APPG remains concerned that, on the eve of the launch of the BBRS, it would be a fundamental error to exclude many complainants
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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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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.