Statements

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
Read more

Appointment of Sir Ross Cranston as Reviewer of Griggs Review

We have today learnt that the FCA and Lloyds Banking Group have appointed Sir Ross Cranston to determine whether the Griggs Review, the compensation scheme established after the criminal convictions of 6 individuals in connection to the HBOS Reading fraud, is delivering fair outcomes and adequate compensation for the victims of the fraud. Since the Griggs Review was established in February 2017, the APPG has received numerous representations from many of the individuals that have gone through the Griggs Review which all follow a consistent message: that the Review is not delivering fair compensation for the losses that occurred as
Read more

Progress on the SME Dispute Resolution Service (DRS) Implementation Steering Group and a Positive Step Forward with CYBG

After a week of positive and productive engagement with the financial institutions and other stakeholders on the DRS Implementation Steering Group (ISG), the APPG is happy to report that our concerns are being taken seriously and are being addressed in discussions with the ISG. We are pleased to confirm that after consultation with the seven signatory banks, UK Finance have provided assurances that the industry is prepared to work with the APPG and other stakeholders to consider extending the DRS to include an ‘event’ dating back to January 1st 2000. Kevin Hollinrake MP, Co-Chair of the All-Party Parliamentary Group on
Read more

The APPG Accepts its Place on the Implementation Steering Group

The APPG has accepted its place on UK Finance’s Dispute Resolution Service (DRS) Implementation Steering Group (ISG), joining other key stakeholders to design and implement a historic compensation scheme and a new dispute resolution mechanism for disputes between businesses and financial institutions. Participation in the scheme presents a vital opportunity to establish a scheme that provides compensation for historic cases and levels the playing field between businesses and their finance providers for future generations. Since the APPG was established in 2012, it has worked to achieve compensation and justice for the victims of numerous episodes of business banking misconduct and
Read more

Banks told to look after customers even after they sell on debt

Responding to an Urgent Question in Parliament yesterday, Treasury Minister John Glen MP told the banks they need to make sure that customers are treated fairly and resolve disputes even when they have sold on their debt to ‘vulture funds’. The question had been raised by Lanark MP, Angela Crawley, who had tabled the question in relation to her constituent, Mr John Guidi, who is on hunger strike following his mistreatment by Clydesdale Bank. Mr Glen stated the Clydesdale were required to ensure that “third parties that buy loans have demonstrated that customers will be treated fairly, and to allowing
Read more

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.