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386152

registered interest
date	29/06/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Interest Rate Hedging Products
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the effectiveness of the FCA Redress Scheme in offering adequate compensation to small businesses affected by bank misconduct.
tabling member constituency	Birkenhead
tabling member printed	Frank Field
uin	4507
answer	answer is ministerial correction date of answer 02/07/2015 answer text <p>The Government has been very clear that the mis-selling of financial products to unsophisticated businesses is wrong and it is important that those businesses that have been affected are compensated. This is why the Financial Conduct Authority (FCA) established a scheme which required banks, with an independent reviewer, to identify where IRHPs had been mis-sold and to establish a procedure for businesses to obtain appropriate redress.</p><p> </p><p>The FCA’s redress scheme has benefitted the majority of businesses. To date, 17,000 small and medium-sized enterprises (SMEs) have been through the FCA redress scheme. Of these, 12,000 SMEs have accepted their offer, amounting to over £1.9 billion in payouts. For those businesses which are unhappy with the way in which their case has been handled, there are routes of recourse available to them.</p><p> </p><p>It is worth noting that the Treasury Select Committee’s report into SME lending, published on 10 March, recommended that the FCA collect the information necessary to establish whether there are systemic failures in the redress scheme. The FCA is carefully considering this recommendation.</p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 02/07/2015 15:37:13 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	478 label Biography information for Lord Field of Birkenhead

175670

registered interest
date	26/01/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Interest Rate Hedging Products
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, how many and what proportion of claims for interest rate swap mis-selling have reached the redress offer and acceptance stage; and what proportion these represent of redress offers made for (a) Barclays, (b) RBS, (c) HSBC, (d) Lloyds and (e) Standard Chartered.
tabling member constituency	Holborn and St Pancras
tabling member printed	Frank Dobson
uin	221979
answer	answer is ministerial correction date of answer 29/01/2015 answer text <p>The Financial Conduct Authority (FCA) publishes data on redress offers and acceptances on a regular basis, and it is available through its website - <a href="http://www.fca.org.uk/consumers/financial-services-products/banking/interest-rate-hedging-products" target="_blank">http://www.fca.org.uk/consumers/financial-services-products/banking/interest-rate-hedging-products</a></p><p> </p><p><strong> </strong></p><p> </p><p> </p><p> </p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 29/01/2015 14:06:10 answering member 1529 label Biography information for Mr David Gauke
tabling member	180 label Biography information for Frank Dobson

170313

registered interest
date	15/12/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Interest Rate Hedging Products
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what assurances he has received that agreements between the individual banks and the Financial Conduct Authority in relation to the interest rate swap redress scheme were identical.
tabling member constituency	Aberconwy
tabling member printed	Guto Bebb
uin	218632
answer	answer is ministerial correction date of answer 09/01/2015 answer text <p>No conversations have taken place between the Financial Conduct Authority and HM Treasury on the potential fining of the banks following the FCA redress scheme. Furthermore, HM Treasury had not had sight of the agreements held between the FCA and the individual banks. The nature of the agreements is a matter for the FCA as an independent regulator.</p><p> </p><p> </p><p> </p><p>However, I took part in a debate on the FCA’s review scheme last month, along with my Hon. Friend, where the issue of the individual agreements was discussed. Following the debate, I wrote to the FCA to put forward my view that more transparency in this matter will help to provide greater assurance that the review has been conducted in a fully independent and impartial manner. I also encouraged the FCA to come to an agreement with the banks as soon as possible on what might be shared with the Treasury Select Committee.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 218660 question first answered 09/01/2015 12:46:13 answering member 4117 label Biography information for Andrea Leadsom
tabling member	3910 label Biography information for Guto Bebb

170316

registered interest
date	15/12/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Interest Rate Hedging Products
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what recent discussions he has had with the Financial Conduct Authority on the potential fining of banks following the completion of the interest rate swap redress scheme.
tabling member constituency	Aberconwy
tabling member printed	Guto Bebb
uin	218660
answer	answer is ministerial correction date of answer 09/01/2015 answer text <p>No conversations have taken place between the Financial Conduct Authority and HM Treasury on the potential fining of the banks following the FCA redress scheme. Furthermore, HM Treasury had not had sight of the agreements held between the FCA and the individual banks. The nature of the agreements is a matter for the FCA as an independent regulator.</p><p> </p><p> </p><p> </p><p>However, I took part in a debate on the FCA’s review scheme last month, along with my Hon. Friend, where the issue of the individual agreements was discussed. Following the debate, I wrote to the FCA to put forward my view that more transparency in this matter will help to provide greater assurance that the review has been conducted in a fully independent and impartial manner. I also encouraged the FCA to come to an agreement with the banks as soon as possible on what might be shared with the Treasury Select Committee.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 218632 question first answered 09/01/2015 12:46:12 answering member 4117 label Biography information for Andrea Leadsom
tabling member	3910 label Biography information for Guto Bebb

99789

registered interest
date	20/10/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Interest Rate Hedging Products
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what recent discussions he has had with the Financial Conduct Authority on the interest rate swap redress scheme.
tabling member constituency	Aberconwy
tabling member printed	Guto Bebb
uin	211065
answer	answer is ministerial correction date of answer 28/10/2014 answer text <p>Treasury Ministers and officials meet with a wide range of organisations as part of the usual policy making process.</p><p> </p><p> </p><p> </p><p>However, the Chancellor has had no recent discussions with the FCA specifically regarding its review on the mis-selling of interest rate hedging products.</p><p> </p><p> </p><p> </p><p>It might be useful to know that the Treasury publishes a list of ministerial meetings with external organisations. This is available online at: http://www.hm-treasury.gov.uk/minister_hospitality.htm.</p><p> </p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 28/10/2014 16:23:36 answering member 4117 label Biography information for Andrea Leadsom
tabling member	3910 label Biography information for Guto Bebb