Show Search Form

Search Results

registered interest	true false
date	exactly: or between: and
answering body
answering dept id
answering dept short name
answering dept sort name
hansard heading
house id
legislature	pref label
question text
tabling member constituency
tabling member printed
uin
answer	is ministerial correction true false date of answer exactly: or between: and answer text answering member constituency answering member printed grouped question UIN question first answered answering member label
tabling member	label

Search

419846

registered interest
date	09/10/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
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 Financial Conduct Authority in dealing with complaints relating to the misselling of interest rate swaps.
tabling member constituency	City of Chester
tabling member printed	Christian Matheson
uin	10921
answer	answer is ministerial correction date of answer 19/10/2015 answer text <p>Treasury Ministers and officials meet with a wide range of organisations as part of the usual policy making process.</p><br /><p>It might be useful to know that the Treasury publishes a list of ministerial meetings with external organisations. This is available online at: www.hm-treasury.gov.uk/minister_hospitality.htm.</p><br /><p>As you are aware, the FCA is an independent non-governmental body responsible for regulating and supervising the financial services industry. Although the Treasury sets the legal framework for the regulation of financial services, it has strictly limited powers in relation to the FCA. In particular, the Treasury has no general power of direction over the FCA and cannot intervene in individual cases.</p><br /><p>The independence of the FCA is vital to the role it provides as a safety net for consumers with complaints against financial services firms. Their credibility, authority and value to consumers would be undermined if it were possible for the Government to intervene in their decision-making.</p><br /><p>The FCA regularly publishes information on the progress of the redress scheme. This can be found here: www.fca.org.uk/consumers/financial-services-products/banking/interest-rate-hedging-products.</p><br /><p>You may be aware 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 has responded and the Committee, which published this response on 12 October 2015. It can be found here: www.parliament.uk/documents/commons-committees/treasury/Responses/Financial-Conduct-Authority-response-to-Conduct-and-Competition-in-SME.pdf</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 10922 10923 question first answered 19/10/2015 14:38:34 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4408 label Biography information for Christian Matheson

419847

registered interest
date	09/10/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
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 misselling of interest rate swaps.
tabling member constituency	City of Chester
tabling member printed	Christian Matheson
uin	10922
answer	answer is ministerial correction date of answer 19/10/2015 answer text <p>Treasury Ministers and officials meet with a wide range of organisations as part of the usual policy making process.</p><br /><p>It might be useful to know that the Treasury publishes a list of ministerial meetings with external organisations. This is available online at: www.hm-treasury.gov.uk/minister_hospitality.htm.</p><br /><p>As you are aware, the FCA is an independent non-governmental body responsible for regulating and supervising the financial services industry. Although the Treasury sets the legal framework for the regulation of financial services, it has strictly limited powers in relation to the FCA. In particular, the Treasury has no general power of direction over the FCA and cannot intervene in individual cases.</p><br /><p>The independence of the FCA is vital to the role it provides as a safety net for consumers with complaints against financial services firms. Their credibility, authority and value to consumers would be undermined if it were possible for the Government to intervene in their decision-making.</p><br /><p>The FCA regularly publishes information on the progress of the redress scheme. This can be found here: www.fca.org.uk/consumers/financial-services-products/banking/interest-rate-hedging-products.</p><br /><p>You may be aware 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 has responded and the Committee, which published this response on 12 October 2015. It can be found here: www.parliament.uk/documents/commons-committees/treasury/Responses/Financial-Conduct-Authority-response-to-Conduct-and-Competition-in-SME.pdf</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 10921 10923 question first answered 19/10/2015 14:38:35 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4408 label Biography information for Christian Matheson

419465

registered interest
date	17/09/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
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 interest rate hedging products redress scheme operated by the Financial Conduct Authority.
tabling member constituency	Redcar
tabling member printed	Anna Turley
uin	10547
answer	answer is ministerial correction date of answer 16/10/2015 answer text <p>The information requested is available on the Financial Conduct Authority’s website:</p><p><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> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 16/10/2015 13:29:50 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4449 label Biography information for Anna Turley

417544

registered interest
date	08/09/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
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, whether Ministers in his Department met representatives of the Financial Conduct Authority (FCA) to discuss the FCA interest rate hedging products redress scheme in January 2013.
tabling member constituency	Aberconwy
tabling member printed	Guto Bebb
uin	9410
answer	answer is ministerial correction date of answer 14/09/2015 answer text <p>Whether the Financial Conduct Authority (FCA) made an estimate of the potential liability of any banks is a matter for the FCA. However, it is reasonable to assume that for any conduct issue that arises, the FCA would seek to understand the potential financial impact.</p><p> </p><p> </p><p> </p><p>Several meetings took place between Treasury Ministers and the FCA in January 2012 (then the Financial Services Authority), although I understand that FCA’s interest rate hedging products redress scheme was not on the agenda for any of these meetings.</p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 9411 question first answered 14/09/2015 15:20:39 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	3910 label Biography information for Guto Bebb

417545

registered interest
date	08/09/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
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, whether the Financial Conduct Authority made an estimate of the potential liability of (a) Lloyds and (b) RBS under the interest rate hedging products redress scheme during the development of that scheme.
tabling member constituency	Aberconwy
tabling member printed	Guto Bebb
uin	9411
answer	answer is ministerial correction date of answer 14/09/2015 answer text <p>Whether the Financial Conduct Authority (FCA) made an estimate of the potential liability of any banks is a matter for the FCA. However, it is reasonable to assume that for any conduct issue that arises, the FCA would seek to understand the potential financial impact.</p><p> </p><p> </p><p> </p><p>Several meetings took place between Treasury Ministers and the FCA in January 2012 (then the Financial Services Authority), although I understand that FCA’s interest rate hedging products redress scheme was not on the agenda for any of these meetings.</p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 9410 question first answered 14/09/2015 15:20:39 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	3910 label Biography information for Guto Bebb

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

99779

registered interest
date	20/10/2014
answering body	Department for Business, Innovation and Skills
answering dept id	26
answering dept short name	Business, Innovation and Skills
answering dept sort name	Business, Innovation and Skills
hansard heading	Interest Rate Hedging Products
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Business, Innovation and Skills, 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	211066
answer	answer is ministerial correction date of answer 27/10/2014 answer text <p>We have asked the Chief Executive of the Financial Conduct Authority (FCA) for an assurance that redress offers which take the form of a substitute hedging product are only being offered where it is fair and reasonable to do so. In response, the FCA has said that robust oversight and challenge processes are in place to ensure that this is the case and that a replacement product offer can only be made if an independent reviewer is satisfied that there is sufficient evidence to support the decision.</p><p>In addition, my officials liaise regularly with the FCA to draw the regulator’s attention to swaps redress cases that have been raised with the department where we think this is justified.</p> answering member constituency West Suffolk answering member printed Matthew Hancock question first answered 27/10/2014 14:15:56 answering member 4070 label Biography information for Matt Hancock
tabling member	3910 label Biography information for Guto Bebb