1-20 of 38 results for subject:Misrepresentation
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To ask the Chancellor of the Exchequer what discussions he has had with the Financial Conduct Authority about the timing of redress payments to small and medium-sized enterprises who were found to have been mis-sold interest rate hedging products.
[152877]
To ask the Chancellor of the Exchequer what discussions he has had with the Financial Conduct Authority about the timing of redress payments to small and medium-sized enterprises who were found to have been mis-sold interest rate hedging products.
[152877]
On 31 January the Financial Services Authority announced the findings of their pilot scheme and the agreement by all four banks to begin the full review process. This will include the banks and independent reviewers assessing each case to determine whether the sale complied with Financial Conduct Authority regulatory requirements. If it did not, the bank will then have to work with the independent reviewer to consider what level of redress the business should receive.
The banks concerned have committed to completing these reviews within six months of the start of the review.
To ask the Chancellor of the Exchequer what steps he is taking to ensure that small businesses receive the compensation due for the mis-selling of interest rate swaps.
[153416]
To ask the Chancellor of the Exchequer what steps he is taking to ensure that small businesses receive the compensation due for the mis-selling of interest rate swaps.
[153416]
On 31 January the Financial Services Authority announced the findings of their pilot scheme and the agreement by the banks involved to begin the full review process.
This will include the banks and independent reviewers assessing each case to determine whether the sale complied with Financial Conduct Authority regulatory requirements. If it did not, the bank will then have to work with the independent reviewer to consider what level of redress the business should receive.
The banks concerned have committed to completing these reviews within six months of the start of the review.
To ask the Chancellor of the Exchequer when he expects those affected by interest rate swap mis-selling to receive compensation.
[153417]
To ask the Chancellor of the Exchequer when he expects those affected by interest rate swap mis-selling to receive compensation.
[153417]
Oh 31 January the Financial Services Authority (FSA) announced the findings of their pilot scheme and the agreement by the banks involved to begin the full review process.
This will include the banks and independent reviewers assessing each case to determine whether the sale complied with Financial Conduct Authority (FCA) regulatory requirements. If it did not, the bank will then have to work with the independent reviewer to consider what level of redress the business should receive. The banks concerned have committed to completing these reviews within six months of the start of the review.
The FCA will provide updates on the number of cases where mis-selling occurred, and where compensation has been paid. The first update will likely be published by the FCA over the coming weeks.
To ask the Chancellor of the Exchequer what estimate he has made of the amount that will be paid out in compensation to small businesses affected by the mis-selling of interest rate swaps.
[153418]
To ask the Chancellor of the Exchequer what estimate he has made of the amount that will be paid out in compensation to small businesses affected by the mis-selling of interest rate swaps.
[153418]
On 31 January the Financial Services Authority (FSA) announced the findings of their pilot scheme and the agreement by the banks involved to begin the full review process.
This will include the banks and independent reviewers assessing each case to determine whether the sale complied with Financial Conduct Authority (FCA) regulatory requirements. If it did not, the bank will then have to work with the independent reviewer to consider what level of redress the business should receive. The banks concerned have committed to completing these reviews within six months of the start of the review.
The Government has not made an assessment of possible compensation, however many of the banks have publically reported provisions made for compensation arising from mis-selling.
To ask the Chancellor of the Exchequer how many businesses have been compensated for the mis-selling of interest rate swaps; and when such businesses received that compensation.
[153419]
To ask the Chancellor of the Exchequer how many businesses have been compensated for the mis-selling of interest rate swaps; and when such businesses received that compensation.
[153419]
On 31 January the Financial Services Authority (FSA) announced the findings of their pilot scheme and the agreement by the banks involved to
begin the full review process. This will include the banks and independent reviewers assessing each case to determine whether the sale complied with Financial Conduct Authority (FCA) regulatory requirements. If it did not, the bank will then have to work with the independent reviewer to consider what level of redress the business should receive. The banks concerned have committed to completing these reviews within six months of the start of the review.
The FCA will provide updates on the number of cases where mis-selling occurred, and where compensation has been paid. The first update will likely be published by the FCA over the coming weeks.
To ask the Chancellor of the Exchequer pursuant to the answer of 15 April 2013, Official Report, column 176W, on business: loans, if he will review the potential mis-selling of fixed rate loans in addition to the current ongoing investigation into interest rate hedging products.
[153116]
To ask the Chancellor of the Exchequer pursuant to the answer of 15 April 2013, Official Report, column 176W, on business: loans, if he will review the potential mis-selling of fixed rate loans in addition to the current ongoing investigation into interest rate hedging products.
[153116]
On 31 January 2013 the Financial Services Authority announced the findings of their pilot scheme and the agreement by the banks involved to begin the full review process. The banks concerned have committed to completing these reviews within six months. However, the Financial Conduct Authority does not regulate business lending and fixed rate loans therefore cannot be part of the review.
To ask the Secretary of State for Energy and Climate Change what steps his Department is taking to prevent energy companies from mis-selling their products.
[151225]
To ask the Secretary of State for Energy and Climate Change what steps his Department is taking to prevent energy companies from mis-selling their products.
[151225]
There is a range of legislation that protects consumers from mis-selling. Where an energy company is offering a Green Deal product there are strict requirements about cold calling, including a requirement for companies to respect "no cold calling" zones set up by Trading Standards Authorities.
Energy consumers are further protected by rules in the supply licence that govern marketing activities for gas and electricity supplies, which are enforced by the independent regulator, Ofgem.
To ask the Secretary of State for Energy and Climate Change what recent discussions he has had with energy companies regarding the mis-selling of products.
[151226]
To ask the Secretary of State for Energy and Climate Change what recent discussions he has had with energy companies regarding the mis-selling of products.
[151226]
DECC Ministers and senior officials meet on a regular basis with energy companies to discuss a range of issues relating to energy consumers.
To ask Her Majesty’s Government whether they are investigating the possible mis-selling of fixed-rate loans to small and medium-sized enterprises. [HL6459]
To ask Her Majesty’s Government whether they are investigating the possible mis-selling of fixed-rate loans to small and medium-sized enterprises. [HL6459]
The Financial Conduct Authority (FCA) is currently undertaking a review into the mis-selling of interest rate hedging products. The banks concerned have committed to completing these reviews within six months. However, the FCA does not regulate business lending and fixed rate loans cannot, therefore, be part of the review.
To ask the Chancellor of the Exchequer if he will review the potential mis-selling of fixed rate loans through the provision of mis-leading information on their breakage costs.
[150854]
To ask the Chancellor of the Exchequer if he will review the potential mis-selling of fixed rate loans through the provision of mis-leading information on their breakage costs.
[150854]
The Financial Conduct Authority is currently undertaking a review into the mis-selling of interest rate hedging products. The banks concerned have committed to completing these reviews within six months.
I have raised the issue of interest rate swaps with my right hon. Friend the Secretary of State before, and I am grateful for the action he has taken. However, the problem is still hurting businesses in my constituency, so will he keep the issue firmly on his radar and work with colleagues across government to bring it to a conclusion as swiftly as possible? [Interruption.]
I have raised the issue of interest rate swaps with my right hon. Friend the Secretary of State before, and I am grateful for the action he has taken. However, the problem is still hurting businesses in my constituency, so will he keep the issue firmly on his radar and work with colleagues across government to bring it to a conclusion as swiftly as possible? [Interruption.]
I am sorry; I did not catch the hon. Gentleman’s question.
I am sorry; I did not catch the hon. Gentleman’s question.
I am sorry; I did not catch the hon. Gentleman’s question.
I have raised the issue of interest rate swaps with my right hon. Friend the Secretary of State before, and I am grateful for the action he has taken. However, the problem is still hurting businesses in my constituency, so will he keep the issue firmly on his radar and work with colleagues across government to bring it to a conclusion as swiftly as possible? [Interruption.]
I have raised the issue of interest rate swaps with Ministers before and have been grateful for the action taken, but this issue is still hurting businesses in Harrogate and Knaresborough. May I ask the Secretary of State to keep this issue on his radar and to work across government to try to resolve this as quickly as possible?
I have raised the issue of interest rate swaps with Ministers before and have been grateful for the action taken, but this issue is still hurting businesses in Harrogate and Knaresborough. May I ask the Secretary of State to keep this issue on his radar and to work across government to try to resolve this as quickly as possible?
Yes, the hon. Gentleman is right: interest rate swaps were a major scandal. The Financial Services Authority has, as he knows, already set in train a process for remedies. I am working very actively with it, but it is very much in the hands of the FSA and the banks to produce a just solution. [Interruption.]
Yes, the hon. Gentleman is right: interest rate swaps were a major scandal. The Financial Services Authority has, as he knows, already set in train a process for remedies. I am working very actively with it, but it is very much in the hands of the FSA and the banks to produce a just solution. [Interruption.]
Yes, the hon. Gentleman is right: interest rate swaps were a major scandal. The Financial Services Authority has, as he knows, already set in train a process for remedies. I am working very actively with it, but it is very much in the hands of the FSA and the banks to produce a just solution. [Interruption.]
I have raised the issue of interest rate swaps with Ministers before and have been grateful for the action taken, but this issue is still hurting businesses in Harrogate and Knaresborough. May I ask the Secretary of State to keep this issue on his radar and to work across government to try to resolve this as quickly as possible?
To ask Her Majesty’s Government, further to the Written Answer by Lord Deighton on 14 February (WA 176–7) on the subject of payment protection insurance, whether they will ensure that the Financial Services Authority’s response is also published in the Official Report.[HL5956]
To ask Her Majesty’s Government, further to the Written Answer by Lord Deighton on 14 February (WA 176–7) on the subject of payment protection insurance, whether they will ensure that the Financial Services Authority’s response is also published in the Official Report.[HL5956]
The Financial Services Authority responded to the noble Lord’s question relating to payment protection insurance on 13 March. A copy of the response will be placed in the Library of the House.
On 31 January, the Financial Services Authority published the findings of the pilot review into interest rate swap mis-selling. The full review of 40,000 cases is now under way, and the FSA says it should be completed within six months. Small business organisations played a major role in exposing the scandal, so I can announce to the
House that from today bodies representing consumers, including small businesses, will be able to apply to make super-complaints to the Financial Conduct Authority, giving them fast-track access to the regulator. That important power should help to ensure that any future misconduct is detected quickly and put right.
On 31 January, the Financial Services Authority published the findings of the pilot review into interest rate swap mis-selling. The full review of 40,000 cases is now under way, and the FSA says it should be completed within six months. Small business organisations played a major role in exposing the scandal, so I can announce to the
House that from today bodies representing consumers, including small businesses, will be able to apply to make super-complaints to the Financial Conduct Authority, giving them fast-track access to the regulator. That important power should help to ensure that any future misconduct is detected quickly and put right.
On 31 January, the Financial Services Authority published the findings of the pilot review into interest rate swap mis-selling. The full review of 40,000 cases is now under way, and the FSA says it should be completed within six months. Small business organisations played a major role in exposing the scandal, so I can announce to the
House that from today bodies representing consumers, including small businesses, will be able to apply to make super-complaints to the Financial Conduct Authority, giving them fast-track access to the regulator. That important power should help to ensure that any future misconduct is detected quickly and put right.
I thank the Minister for that answer. My constituent, Mr James Boyle, has a contract with Clydesdale bank, which seems to be excluded from the review. The main banks—RBS, HSBC, Barclays and Lloyds—are all included. Why are the Clydesdale bank, and my constituent, excluded from the review?
I thank the Minister for that answer. My constituent, Mr James Boyle, has a contract with Clydesdale bank, which seems to be excluded from the review. The main banks—RBS, HSBC, Barclays and Lloyds—are all included. Why are the Clydesdale bank, and my constituent, excluded from the review?
I can confirm that the Clydesdale bank has now become part of the review, as have all the other principal banks. The hon. Gentleman has raised the case of his constituent with me before; even though the product was not within the review’s terms of reference, Clydesdale has agreed to consider it as part of the review.
I can confirm that the Clydesdale bank has now become part of the review, as have all the other principal banks. The hon. Gentleman has raised the case of his constituent with me before; even though the product was not within the review’s terms of reference, Clydesdale has agreed to consider it as part of the review.
I can confirm that the Clydesdale bank has now become part of the review, as have all the other principal banks. The hon. Gentleman has raised the case of his constituent with me before; even though the product was not within the review’s terms of reference, Clydesdale has agreed to consider it as part of the review.
I thank the Minister for that answer. My constituent, Mr James Boyle, has a contract with Clydesdale bank, which seems to be excluded from the review. The main banks—RBS, HSBC, Barclays and Lloyds—are all included. Why are the Clydesdale bank, and my constituent, excluded from the review?
I have constituents who are concerned that the FSA may come under pressure from the banks to water down its findings and reduce the scope of the redress scheme, to their disadvantage. What can my right hon. Friend say to reassure my constituents about that important issue?
I have constituents who are concerned that the FSA may come under pressure from the banks to water down its findings and reduce the scope of the redress scheme, to their disadvantage. What can my right hon. Friend say to reassure my constituents about that important issue?
My hon. Friend raises a very important point. The review is under the auspices of the Financial Services Authority, and each bank has had to appoint independent reviewers who are themselves accountable to the FCA. It is absolutely crucial that the objectivity they bring to bear cannot be compromised, and I have given the FSA clear feedback that it should have that in mind during the review.