APPG on Fair Business Banking Statement Updates
Another Regulatory "whitewash" in the GRG Scandal
After taking phase 2 of the inquiry into RBS GRG in-house, the FCA have today confirmed that they will not hold any senior managers to account for the “widespread” “inappropriate treatment” of customers and have said they “cannot say” whether they would have been able to bring a successful case against Senior GRG managers for the mistreatment of their SME customers under the Senior Managers Regime. Kevin Hollinrake MP, Co-Chair of the APPG on Fair Business Banking, said: “This report is another complete whitewash and another demonstrable failure of the regulator to perform its role. Phase 2 of the FCA’s
Read moreMPs debate cross-party motion to free the mortgage prisoners and protect SMEs from vulture funds
On Thursday 6th June, MPs will debate a cross-party motion, co-sponsored by Charlie Elphicke MP and Martin Whitfield MP, aimed at pressuring the FCA and the Treasury to act to free ‘mortgage prisoners’ and protect SMEs from the unscrupulous asset stripping of ‘vulture funds’. There is estimated to be around 200,000 mortgage prisoners across the UK who are trapped with inactive and unregulated lenders and are unable to take advantage of historically low interest rates. The debate has a renewed urgency as Tesco Bank recently announced their intentions to sell off its £3.7 billion portfolio of mortgages, affecting some 23,000
Read moreCharlie Elphicke MP Presents new Bill to help Consumers and Small Businesses
On Tuesday 7th May 2019, Charlie Elphicke MP will present a Ten Minute Rule Bill Motion entitled Banking (Consumer and Small Business Protection), which will make provisions to enable consumers to transfer mortgages between providers; to prohibit the sale of mortgage debt to unregulated entities; to prevent the foreclosure of certain business loans and to establish a Financial Services Tribunal. Charlie Elphicke MP, Member of Parliament for Dover, said: “The Bill makes the case for a new covenant that will deliver a fairer deal for consumers and small businesses. The focus will be on making provisions to free mortgage prisoners
Read moreSupreme 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 moreAppointment 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
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