Statement in response to financial measures to support businesses during the Covid-19 Pandemic

The APPG on FBB welcomes the swift measures that the government has introduced in the wake of this unprecedented crisis. We also welcome the comments of Andrew Bailey, the Governor of the Bank of England, urging firms to pause and contact their bank or the government before laying off any staff. It is critical that the measures that are put in place are sustainable and do not delay the pain for firms. Businesses and the self-employed cannot shoulder this burden. The package of £330bn of liquidity is welcome, but the APPG believes that this must be a grant, and that
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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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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.