Letter to Andrew Bailey (Governor of the Bank of England) - APPG on Fair Business Banking - 20/11/2020

Dear Andrew   I have deep concerns about the rumoured bid for The Cooperative Bank by the US hedge fund, Cerberus. I understand that such an approach has not been confirmed by the bank, but nonetheless, the very fact that this can even be a possibility is extremely alarming.  As you are aware, in my capacity as co-chair of the APPG on Fair Business Banking and as vice-chair of the APPG on Mortgage Prisoners, I have extensive experience of the devastating impact vulture funds, and Cerberus in particular, have on their customers.   The Cerberus £13.3bn acquisition of the former
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Supreme Court grants APPG permission to intervene in first ever appeal on lawful act duress

The Supreme Court has granted permission to the APPG on Fair Business Banking to intervene in Pakistan International Airline Corporation (Respondent) v Times Travel (UK) Ltd (Appellant) UKSC 2019/0142, a landmark appeal on the doctrine of duress. The APPG has permission to make written submissions and oral submission at the hearing on 2 – 3 November 2020. The intervention will enable the Supreme Court to take account of the APPG’s experience of how the doctrine of lawful act duress operates in the banking context, particularly where it restricts bank customers from challenging settlements with lenders entered under duress. Kevin Hollinrake
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APPG and SME Alliance statement on IAR Fraud Re-Review – 9th of October 2020

The expanded definition of the IAR Fraud and scope of the panel will ensure that no one who was affected by the HBOS Reading Fraud who entered the original Lloyds Bank Customer Review will be excluded from the process.  For the avoidance of doubt, the statement today means that the only key threshold for consideration in the re-review is the involvement of Scourfield and Dobson, or any individuals acting under their direction, influence or control.  It is then for the panel to assess whether or not financial loss was suffered.   After campaigning long and hard to highlight the injustice
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Banks split over SME loan payment holidays

Metro, Handelsbanken, Danske, HSBC and Santander are leading the way on providing payment holiday support for business customers, however, the approach of Lloyds and TSB in particular appeared to more bank-led and did not offer interest payment deferrals. Virgin Money, Barclays, NatWest, and Co-operative Bank do sometimes give full payment deferrals of both capital and interest, but the responses were less clear on how proactively they were offered or how often they were taken up. FCA guidance has been in place since March stating that banks should proactively offer full payment deferrals of both the repayment and interest elements of
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APPG Statement on the Supreme Court Judgement - Sevilleja v Marex Financial Ltd

The All Party Parliamentary Group on Fair Business Banking welcomes the release today of the Supreme Court’s judgment in Sevilleja (Respondent) v Marex Financial Ltd (Appellant) [2020] UKSC 31. The judgment is the first time the ‘rule against reflective loss’ has been considered at this level in 20 years.  Because of its public importance, the APPG applied for and was granted permission to make written and oral submissions, to provide evidence from its experience that the rule should be applied flexibly to avoid causing injustice to business owners and victims of fraud. The Supreme Court’s judgment has unanimously changed the previous understanding of the law, holding
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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.