Statements

The Chancellor of the Exchequer Meets with Kevin Hollinrake MP

This week, the Co-Chair of the APPG on Fair Business Banking, Kevin Hollinrake MP, met with the Chancellor of the Exchequer, The Rt Hon Philip Hammond MP, to discuss in greater depth the proposals in our report, Fair Business Banking for All. The Chancellor confirmed that he is looking carefully at our detailed proposals to provide a more accessible dispute resolution mechanism for small businesses with an independent Financial Services Tribunal. Kevin Hollinrake MP said: “I am extremely pleased that the Chancellor is engaging closely with the proposals advocated by the APPG, particularly the establishment of a Financial Services Tribunal.
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Statement on the FCA’s announcement regarding further investigative steps in relation to RBS GRG - 31 July 2018

Today (31.07.18) the FCA announced that it does not have the regulatory powers to take disciplinary action against RBS or the individuals involved in the GRG scandal by imposing financial penalties or further regulatory action. Crucially, the FCA announced “The fact that GRG was largely outside the jurisdiction of the FCA is important. There are no enforceable regulatory rules, for example ‘conduct of business’ rules, against which to assess GRG’s treatment of SME customers. The relationship between RBS and its customers was principally governed by the terms and conditions of the commercial contract between them. The steps RBS could take
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Treasury Select Committee “doubtful” that ombudsman is ready to handle SME cases - 27 July 2018

The Treasury Select Committee has been taking evidence on the Independent Review of the Financial Ombudsman Service (FOS) to determine whether expanding the remit of the FOS will provide SME customers with an effective and quality service. However, the Chair of the Treasury Select Committee, the Rt Hon Nicky Morgan MP, has today written to the FCA, who are consulting on the proposals to expand the remit of the FOS, to express her doubts over the ability of the organisation to adapt quickly to the challenges faced by an expanded remit. Ms Morgan Said: “The Committee is doubtful as to
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Westminster Hall Debate - 12 July 2018

On Thursday 12th July 2018, the APPG on Fair Business Banking secured a Westminster Hall debate entitled ‘Failures in the Banking Sector’, led by our Vice-Chair, Martin Whitfield MP. The purpose of the debate was to allow MPs to have more time to talk about their constituent’s cases and to have a more comprehensive debate on historic bank misconduct and proposals for suitable redress mechanisms going forward. Click here to see the Hansard entry for the debate or here to watch a recording of the debate.
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Statement on the closure of RBS's GRG compensation scheme - 20 July 2018

On Friday 20th July 2018, RBS announced their intention to close their redress scheme, led by Sir William Blackburn, for victims of their controversial Global Restructuring Group, with claims no longer being accepted after 22nd October. The APPG on Fair Business Banking takes issue with this news from RBS on a number of crucial grounds, seeing it as troubling news for small business owners seeking access to justice for mistreatment at the hands of RBS GRG for historic banking abuses. The APPG is concerned that the amount of compensation offered as part of the scheme is not adequate in providing
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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.