APPG on Fair Business Banking Statement Updates
The Government responds to the Treasury Select Committee’s SME Finance Inquiry
The Government’s response demonstrates a fundamental lack of understanding of the challenges that businesses face when resolving disputes with their finance providers. The APPG has held many debates, over numerous years, in which Members of Parliament have spoken about the gap that exists for constituents who want to have their cases heard in a forum that is independent, fair, accessible and affordable and where judgements are made by individuals with the knowledge and capability required to adjudicate complex business banking disputes. The current proposals on the table categorically do not fill this gap. The question is not, as the Government
Read moreWestminster Hall Debate on the Griggs Review
On Tuesday 18th December 2018, the Co-Chairman of the All-Party Parliamentary Group (APPG) on Fair Business Banking, Kevin Hollinrake MP, will lead a Westminster Hall debate on the HBOS Reading customer case review, established by Lloyds Banking Group (LBG) and reviewed by Professor Russel Griggs. Commenting on the Review, Kevin Hollinrake MP said: “The design, methodology and process of the Review is an affront to any notion of natural justice as it denies the victims of the fraud a fair hearing and appropriate compensation for their loss.” LBG has taken the illogical position that every business involved in the fraud
Read moreLloyds Banking Group settle with HBOS whistleblower
Kevin Hollinrake MP, Co-Chair of the All-Party Parliamentary Group on Fair Business Banking, said: “We are, of course, pleased that an agreement has been reached and that Lloyds have apologised for their treatment of Sally Masterton, who has been treated disgracefully by the bank. But this does now raise important questions that must be answered: Why did Lloyds deny that they had commissioned the report? Why did they set out to destroy Sally’s reputation and credibility? Why did they ignore the requests of Thames Valley Police officers who were investigating the HBOS fraud to have continued access to Ms Masterton
Read moreStatement on the APPG's AGM - 02 November 2018
We are pleased to announce that following the APPG’s AGM on Wednesday 31 October 2018 the Group has re-elected all officers and now has two new Vice-Chairs, Stephen Kerr MP (Conservative) and Luke Graham MP (Conservative). The APPG’s Co-Chairs are Kevin Hollinrake MP (Conservative) and Norman Lamb MP (Liberal Democrats). Martin Whitfield MP (Labour), Dr Lisa Cameron MP (SNP), Sammy Wilson MP (DUP), the Ear of Lindsay (Conservative) and Lord Cromwell (Crossbench) remain as Vice-Chairs. The minutes of the meeting can be read here. The APPG’s income/expenditure statement can be read here. The APPG’s financial statement can be read
Read moreThe Release of Simon Walker’s Report
The APPG is pleased that Simon Walker recognises the “massive power imbalance” between businesses and banks. His report clearly identifies that there is a limit to his proposals; which do not extend beyond a compensation limit of £600k, cannot compel witnesses, cannot force disclosure of information nor deal with insolvency issues. As such, it is clear that his proposals will provide a piece of the jigsaw, but taken alone, are not enough. As previously stated in the past, the APPG welcomes the creation of a separate division of the Financial Ombudsman Service (FOS), which will have a clear business identity
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