{ "format" : "linked-data-api", "version" : "0.2", "result" : {"_about" : "http://eldaddp.azurewebsites.net/answeredquestions.text?answeringDeptSortName=Treasury&hansardHeading=Interest+Rate+Hedging+Products", "definition" : "http://eldaddp.azurewebsites.net/meta/answeredquestions.text?answeringDeptSortName=Treasury&hansardHeading=Interest+Rate+Hedging+Products", "extendedMetadataVersion" : "http://eldaddp.azurewebsites.net/answeredquestions.text?answeringDeptSortName=Treasury&_metadata=all&hansardHeading=Interest+Rate+Hedging+Products", "first" : "http://eldaddp.azurewebsites.net/answeredquestions.text?_page=0&answeringDeptSortName=Treasury&hansardHeading=Interest+Rate+Hedging+Products", "hasPart" : "http://eldaddp.azurewebsites.net/answeredquestions.text?answeringDeptSortName=Treasury&hansardHeading=Interest+Rate+Hedging+Products", "isPartOf" : "http://eldaddp.azurewebsites.net/answeredquestions.text?answeringDeptSortName=Treasury&hansardHeading=Interest+Rate+Hedging+Products", "items" : [{"_about" : "http://data.parliament.uk/resources/386152", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/386152/answer", "answerText" : {"_value" : "

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>

The FCA\u2019s 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>

It is worth noting that the Treasury Select Committee\u2019s 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>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4107", "label" : {"_value" : "Biography information for Dame Harriett Baldwin"} } , "answeringMemberConstituency" : {"_value" : "West Worcestershire"} , "answeringMemberPrinted" : {"_value" : "Harriett Baldwin"} , "dateOfAnswer" : {"_value" : "2015-07-02", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2015-07-02T15:37:13.72Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2015-06-29", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Interest Rate Hedging Products"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "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.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/478", "label" : {"_value" : "Biography information for Lord Field of Birkenhead"} } , "tablingMemberConstituency" : {"_value" : "Birkenhead"} , "tablingMemberPrinted" : [{"_value" : "Frank Field"} ], "uin" : "4507"} , {"_about" : "http://data.parliament.uk/resources/175670", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/175670/answer", "answerText" : {"_value" : "

The Financial Conduct Authority (FCA) publishes data on redress offers and acceptances on a regular basis, and it is available through its website - http://www.fca.org.uk/consumers/financial-services-products/banking/interest-rate-hedging-products<\/a><\/p>

<\/p>

<\/strong><\/p>

<\/p>

<\/p>

<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/1529", "label" : {"_value" : "Biography information for Mr David Gauke"} } , "answeringMemberConstituency" : {"_value" : "South West Hertfordshire"} , "answeringMemberPrinted" : {"_value" : "Mr David Gauke"} , "dateOfAnswer" : {"_value" : "2015-01-29", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2015-01-29T14:06:10.93Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2015-01-26", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Interest Rate Hedging Products"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "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.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/180", "label" : {"_value" : "Biography information for Frank Dobson"} } , "tablingMemberConstituency" : {"_value" : "Holborn and St Pancras"} , "tablingMemberPrinted" : [{"_value" : "Frank Dobson"} ], "uin" : "221979"} , {"_about" : "http://data.parliament.uk/resources/170313", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/170313/answer", "answerText" : {"_value" : "

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>

However, I took part in a debate on the FCA\u2019s 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>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4117", "label" : {"_value" : "Biography information for Andrea Leadsom"} } , "answeringMemberConstituency" : {"_value" : "South Northamptonshire"} , "answeringMemberPrinted" : {"_value" : "Andrea Leadsom"} , "dateOfAnswer" : {"_value" : "2015-01-09", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "218660"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2015-01-09T12:46:13.04Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2014-12-15", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Interest Rate Hedging Products"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "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.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3910", "label" : {"_value" : "Biography information for Guto Bebb"} } , "tablingMemberConstituency" : {"_value" : "Aberconwy"} , "tablingMemberPrinted" : [{"_value" : "Guto Bebb"} ], "uin" : "218632"} , {"_about" : "http://data.parliament.uk/resources/170316", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/170316/answer", "answerText" : {"_value" : "

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>

However, I took part in a debate on the FCA\u2019s 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>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4117", "label" : {"_value" : "Biography information for Andrea Leadsom"} } , "answeringMemberConstituency" : {"_value" : "South Northamptonshire"} , "answeringMemberPrinted" : {"_value" : "Andrea Leadsom"} , "dateOfAnswer" : {"_value" : "2015-01-09", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "218632"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2015-01-09T12:46:12.93Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2014-12-15", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Interest Rate Hedging Products"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "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.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3910", "label" : {"_value" : "Biography information for Guto Bebb"} } , "tablingMemberConstituency" : {"_value" : "Aberconwy"} , "tablingMemberPrinted" : [{"_value" : "Guto Bebb"} ], "uin" : "218660"} , {"_about" : "http://data.parliament.uk/resources/99789", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/99789/answer", "answerText" : {"_value" : "

Treasury Ministers and officials meet with a wide range of organisations as part of the usual policy making process.<\/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>

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>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4117", "label" : {"_value" : "Biography information for Andrea Leadsom"} } , "answeringMemberConstituency" : {"_value" : "South Northamptonshire"} , "answeringMemberPrinted" : {"_value" : "Andrea Leadsom"} , "dateOfAnswer" : {"_value" : "2014-10-28", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2014-10-28T16:23:36.6057053Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2014-10-20", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Interest Rate Hedging Products"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "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.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3910", "label" : {"_value" : "Biography information for Guto Bebb"} } , "tablingMemberConstituency" : {"_value" : "Aberconwy"} , "tablingMemberPrinted" : [{"_value" : "Guto Bebb"} ], "uin" : "211065"} ], "itemsPerPage" : 10, "page" : 0, "startIndex" : 1, "totalResults" : 5, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} }