Statements

APPG on Fair Business Banking Statement Updates

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.
Read more

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
Read more

Statement on release of draft Project Lord Turnbull Report - 21 June 2018

Statement from the All Party Parliamentary Group on Fair Business Banking 21 June 2018 Draft Project Lord Turnbull Report Release The All Party Parliamentary Group on Fair Business Banking has today published the draft Project Lord Turnbull report, which makes serious allegations of fraud, malpractice and a subsequent cover up at Lloyds and HBoS. We have released the report as part of our long-term aim to restore confidence in the banking system and allow those who are seeking redress as a result of the banks’ actions access to evidence, which might support their claims. The contents and allegations contained within
Read more

Contracts Working Group announcement - 7 June 2018

The APPG on Fair Business Banking and UK Finance are delighted to announce the formation of a Contracts Working Group. Led by Momentous Change Ltd, the Group will examine the contracts of participating financial institutions to ensure that they adhere to the principles outlined in the Lending Standards Board’s Standards of Lending Practice. The Founding Director of Momentous Change Ltd, Michelle Thomson, will work alongside a steering committee with representatives from UK Finance, Lending Standards Board, Chartered Banker Institute, Federation of Small Businesses and SME Alliance to ensure that all interested parties are represented on this piece of work as
Read more

Statement on Back Bench Business Debate Application - 5 March 2018

The APPG on Fair Business Banking and Finance have applied for a back bench business debate. The disclosure of the Section 166 report into RBS GRG has brought to a head many of the issues the APPG has been tackling for years. Since the financial crash MPs have heard reports from their constituents that the mistreatment highlighted in the s166 report was repeated across many banks and building societies. In the face of banks’ liquidity requirements at the time, the apparent strategy of distressing businesses, property down-valuations, forced administrations and selling assets was not isolated to RBS. The potential conflicts
Read more