APPG on Fair Business Banking Statement Updates
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
Read moreStatement from Kevin Hollinrake MP regarding the BBRS partnership announcement with CEDR
“We are delighted with the appointment of CEDR as a partner for the BBRS. The challenging task of setting up the BBRS has been a positive experience thus far and we hope that with the introduction of a truly independent body and world leader in dispute resolution the landscape for dispute resolution between businesses and banks will be transformed.”
Read moreReaction 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
Read moreChancellor 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
Read moreFCA 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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