HM TreasuryAndrea LeadsomOffice of the Rt Hon. Andrea Leadsom MPinterest rates, interest rate swap, Financial Conduct Authority, TSC

Interest Rate Mis-Selling

HM TreasuryAndrea LeadsomOffice of the Rt Hon. Andrea Leadsom MPinterest rates, interest rate swap, Financial Conduct Authority, TSC
Interest Rate Mis-Selling

I have written to the Financial Conduct Authority to ask for a review into its multi-billion pound redress scheme for interest rate swap mis-selling.

Earlier this week the Treasury Select Committee released a highly-critical report into the scheme, and had questioned whether it had been fair to small businesses that had sold interest rate swaps by the banks. Indeed, this was a matter that we considered back in 2012 when I was a member of the TSC, and I was pleased at the time that the banks had recognised they had acted recklessly.

Nine banks have been ordered to pay redress, currently worth over £1.8 billion, to all firms which did not meet the “sophisticated customers” test, based on turnover, balance sheet and staff headcount.

The TSC has recommended that the FCA should collect the information necessary to establish whether there are systemic failures in the redress scheme and publish its findings, a summary of the complaints it has examined and take any action it decides is appropriate to ensure that all customers receive fair and reasonable redress.

I strongly support these recommendations.

Treasury Select CommitteeAndrea LeadsomOffice of the Rt Hon. Andrea Leadsom MPBob Diamond, Barclays, financial crisis, Treasury Select Committee, TSC, London Interbank Offered Rate, LIBOR, Financial Services Authority, Serious Fraud Office, Oliver Wright, Independent

LIBOR Rigging

Treasury Select CommitteeAndrea LeadsomOffice of the Rt Hon. Andrea Leadsom MPBob Diamond, Barclays, financial crisis, Treasury Select Committee, TSC, London Interbank Offered Rate, LIBOR, Financial Services Authority, Serious Fraud Office, Oliver Wright, Independent
LIBOR Rigging
Treasury Select CommitteeAndrea LeadsomOffice of the Rt Hon. Andrea Leadsom MPQE, quantitative easing, Paul Fisher, Bank of England, Debt Management Office, Robert Stheeman, Treasury Select Committee, TSC, LIBOR, London Interbank Offered Rate, Financial Services Authority, FSA, FCA, Financial Conduct Authority

Quantitative Easing

Treasury Select CommitteeAndrea LeadsomOffice of the Rt Hon. Andrea Leadsom MPQE, quantitative easing, Paul Fisher, Bank of England, Debt Management Office, Robert Stheeman, Treasury Select Committee, TSC, LIBOR, London Interbank Offered Rate, Financial Services Authority, FSA, FCA, Financial Conduct Authority
Quantitative Easing
HM Treasury, Banking ReformAndrea LeadsomOffice of the Rt Hon. Andrea Leadsom MPBritish Bankers' Association, BBA, financial services, Payments Systems Regulator, Prudential Regulation Authority, Financial Conduct Authority, TSB, Tesco Bank, Virgin Money, Metro Bank, Platform Black, Funding Circle, TransferWise

Competition in Banking

HM Treasury, Banking ReformAndrea LeadsomOffice of the Rt Hon. Andrea Leadsom MPBritish Bankers' Association, BBA, financial services, Payments Systems Regulator, Prudential Regulation Authority, Financial Conduct Authority, TSB, Tesco Bank, Virgin Money, Metro Bank, Platform Black, Funding Circle, TransferWise
Competition in Banking
Treasury Select Committee, Banking ReformAndrea LeadsomOffice of the Rt Hon. Andrea Leadsom MPbank account number portability, banking reform, Treasury Select Committee, TSC, Sir Don Cruickshank, retail banking, Financial Conduct Authority

Bank Account Number Portability

Treasury Select Committee, Banking ReformAndrea LeadsomOffice of the Rt Hon. Andrea Leadsom MPbank account number portability, banking reform, Treasury Select Committee, TSC, Sir Don Cruickshank, retail banking, Financial Conduct Authority
Bank Account Number Portability