Statements

APPG on Fairer Business Banking Statement Updates

Statement from the APPG on Fair Business Banking: Back Bench MPs Call for Evidence in City Law Firm Review of Insolvency Industry - 06/01/21

The All-Party Parliamentary Group on Fair Business Banking, supported by City law firm Humphries Kerstetter LLP, is to conduct an in-depth investigation into standards in the UK insolvency profession. The work is aimed at building on and supporting Governmental studies into regulation and standards in the industry, including the ongoing review of the regulatory system for the industry. As part of its six-month project the APPG has already calls for evidence from the main players in the industry including the major accountancy firms, the regulatory bodies and the Insolvency Service. The APPG is now asking for anyone else with information
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Statement from the APPG on Fair Business Banking - The Business Bank Resolution Service (BBRS) 1/12/2020

Following the campaigns of the APPG, SME Alliance and others for justice for those who had been mistreated by their bank, the BBRS was established as a voluntary scheme by the 7 largest banks. The APPG absolutely accepts that there are some unreasonable limitations with the BBRS and have set our concerns from the very start 131218 Stephen Jones UK Finance Due to the nature and of some of these historic cases and the current legal framework, the BBRS had to be a voluntary scheme. We have always objected to a turnover threshold, but this had to be a voluntary
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Supreme Court grants APPG permission to intervene in first ever appeal on lawful act duress

The Supreme Court has granted permission to the APPG on Fair Business Banking to intervene in Pakistan International Airline Corporation (Respondent) v Times Travel (UK) Ltd (Appellant) UKSC 2019/0142, a landmark appeal on the doctrine of duress. The APPG has permission to make written submissions and oral submission at the hearing on 2 – 3 November 2020. The intervention will enable the Supreme Court to take account of the APPG’s experience of how the doctrine of lawful act duress operates in the banking context, particularly where it restricts bank customers from challenging settlements with lenders entered under duress. Kevin Hollinrake
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APPG and SME Alliance statement on IAR Fraud Re-Review

The expanded definition of the IAR Fraud and scope of the panel will ensure that no one who was affected by the HBOS Reading Fraud who entered the original Lloyds Bank Customer Review will be excluded from the process.  For the avoidance of doubt, the statement today means that the only key threshold for consideration in the re-review is the involvement of Scourfield and Dobson, or any individuals acting under their direction, influence or control.  It is then for the panel to assess whether or not financial loss was suffered. After campaigning long and hard to highlight the injustice of
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Banks split over SME loan payment holidays

Metro, Handelsbanken, Danske, HSBC and Santander are leading the way on providing payment holiday support for business customers, however, the approach of Lloyds and TSB in particular appeared to more bank-led and did not offer interest payment deferrals. Virgin Money, Barclays, NatWest, and Co-operative Bank do sometimes give full payment deferrals of both capital and interest, but the responses were less clear on how proactively they were offered or how often they were taken up. FCA guidance has been in place since March stating that banks should proactively offer full payment deferrals of both the repayment and interest elements of
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