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To ask His Majesty's Government whether they will publish any correspondence they hold with Lloyds Bank related to frauds at the Reading branch of HBOS.
To ask His Majesty's Government whether they will publish any correspondence they hold with Lloyds Bank related to frauds at the Reading branch of HBOS.
The Government regularly engages with a range of stakeholders across the financial services landscape, and it is important that communication can take place in a free and frank way.
The matter of HBOS Reading is first and foremost for the Financial Conduct Authority as the independent non-governmental body responsible for regulating and supervising the financial services industry, and is subject to an ongoing review being led by Dame Linda Dobbs DBE.
The most appropriate form of investigation is a matter for the Financial Conduct Authority to determine. However, the Government notes that the regulator has already undertaken an investigation into this matter, in addition to the Cranston Review and, latterly, the work of Sir David Foskett to ensure adequate compensation. The Financial Conduct Authority will receive a copy of the Dobbs Report in due course and will be able to consider whether any further action is appropriate.
To ask Her Majesty's Government whether any department has given directions to the Financial Conduct Authority in connection with its investigation of the alleged frauds identified in the 2013 'Project Lord Turnbull Report' at (1) Halifax Bank of Scotland, and (2) Royal Bank of Scotland.
To ask Her Majesty's Government whether any department has given directions to the Financial Conduct Authority in connection with its investigation of the alleged frauds identified in the 2013 'Project Lord Turnbull Report' at (1) Halifax Bank of Scotland, and (2) Royal Bank of Scotland.
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.
Given the matters raised are the responsibility of the FCA, in view of its independence, it is not for the Government to provide direction.
However, as you may be aware, in the case of HBOS, Dame Linda Dobbs has been appointed as an independent legal expert to consider whether issues in the HBOS Reading Fraud were investigated and appropriately reported to authorities at the time by Lloyds Banking Group. At present the Dobbs review is ongoing and once completed, its findings will be shared with the FCA.
On Royal Bank of Scotland and GRG, the FCA has concluded their final investigation, which reaffirms the outcome of its enforcement investigation, which was announced in July 2018.
Finally, there are currently no plans for the Government to establish an independent review of the conduct of the Financial Conduct Authority in relation to the RBS and Lloyds Banking Group.
To ask Her Majesty's Government what plans they have, if any, to establish an independent inquiry into the handling by the Financial Conduct Authority of the alleged frauds at (1) Royal Bank of Scotland, and (2) Halifax Bank of Scotland.
To ask Her Majesty's Government what plans they have, if any, to establish an independent inquiry into the handling by the Financial Conduct Authority of the alleged frauds at (1) Royal Bank of Scotland, and (2) Halifax Bank of Scotland.
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.
Given the matters raised are the responsibility of the FCA, in view of its independence, it is not for the Government to provide direction.
However, as you may be aware, in the case of HBOS, Dame Linda Dobbs has been appointed as an independent legal expert to consider whether issues in the HBOS Reading Fraud were investigated and appropriately reported to authorities at the time by Lloyds Banking Group. At present the Dobbs review is ongoing and once completed, its findings will be shared with the FCA.
On Royal Bank of Scotland and GRG, the FCA has concluded their final investigation, which reaffirms the outcome of its enforcement investigation, which was announced in July 2018.
Finally, there are currently no plans for the Government to establish an independent review of the conduct of the Financial Conduct Authority in relation to the RBS and Lloyds Banking Group.
To ask Her Majesty's Government, how many (1) bank directors, (2) insolvency practitioners, (3) estate agents, (4) lawyers, and (5) accountants, have been prosecuted since the publication of the report by the All Party Parliamentary Group on Fair Business Banking Project Lord Turnbull report, published on 22 June 2018.
To ask Her Majesty's Government, how many (1) bank directors, (2) insolvency practitioners, (3) estate agents, (4) lawyers, and (5) accountants, have been prosecuted since the publication of the report by the All Party Parliamentary Group on Fair Business Banking Project Lord Turnbull report, published on 22 June 2018.
The Crown Prosecution Service (‘CPS’) do not have a mechanism for recording the profession of defendants and so are unable to provide the data requested.
The CPS continue to play an important role in prosecuting professionals, whether they be professionals who have used their position to commit crimes or whether they have enabled others to commit crimes. This includes bank directors, insolvency practitioners, estate agents, lawyers, and accountants.
It is important that alongside prosecuting professional individuals, prosecutors should have the right tools to pursue and prosecute corporate bodies. In November last year, this government announced the Law Commission Project on Corporate Criminal Liability, which will be conducted over a 12-month period with a view to setting out potential options for reform.
The above answer represents the position for England and Wales only, and not for Scotland, for which the data, if available, would be held by the Crown Office and Procurator Fiscal Service.
I am grateful to you, Mr Hollobone, for calling me again, and to the Minister for his comments.
Sir Ross Cranston has left a tremendous legacy with his report, and I am very pleased to hear that the Minister thinks similarly. This matter is not just about this individual review process—the...
I am grateful to you, Mr Hollobone, for calling me again, and to the Minister for his comments.
Sir Ross Cranston has left a tremendous legacy with his report, and I am very pleased to hear that the Minister thinks similarly. This matter is not just about this individual review process—the...
Motion that this House has considered Lloyds, HBOS and the Cranston Review. Agreed to on question.
Motion that this House has considered Lloyds, HBOS and the Cranston Review. Agreed to on question.
I apologise for not being on time, Mr Hollobone; I had a short-notice meeting with the Under-Secretary of State for Northern
Ireland, the hon. Member for Worcester (Mr Walker) on Northern Ireland issues, and we had to go to meet him. I talk very fast, Mr Hollobone, as you know,...
I apologise for not being on time, Mr Hollobone; I had a short-notice meeting with the Under-Secretary of State for Northern
Ireland, the hon. Member for Worcester (Mr Walker) on Northern Ireland issues, and we had to go to meet him. I talk very fast, Mr Hollobone, as you know,...
The hon. Member is absolutely right. The biggest learning we have is that the whole process must be independent. It simply cannot be fair to have any review carried out within the bank’s boundaries that provides compensation for victims. It must be independent and independently verified. I very much appreciate...
The hon. Member is absolutely right. The biggest learning we have is that the whole process must be independent. It simply cannot be fair to have any review carried out within the bank’s boundaries that provides compensation for victims. It must be independent and independently verified. I very much appreciate...
I absolutely agree with the hon. Lady. This is not just about Lloyds. A number of independent reviews have taken place, but they have been undertaken by the relevant banks. That simply
cannot be right, in terms of justice for victims or their feeling that justice has been done. Justice...
I absolutely agree with the hon. Lady. This is not just about Lloyds. A number of independent reviews have taken place, but they have been undertaken by the relevant banks. That simply
cannot be right, in terms of justice for victims or their feeling that justice has been done. Justice...
The hon. Gentleman makes an interesting point, although that is not a model I am familiar with. Class actions are definitely opportunities that are not well exploited the UK because of our legal system. I would be keen to talk to him further about that approach.
Within our system we have...
The hon. Gentleman makes an interesting point, although that is not a model I am familiar with. Class actions are definitely opportunities that are not well exploited the UK because of our legal system. I would be keen to talk to him further about that approach.
Within our system we have...
Absolutely, and we see that time and time again. It is not just about businesses or jobs—although clearly businesses and jobs are lost—but about the effect on people’s lives. I understand that as a business person myself. My business has been my life. If somebody had taken my business away...
Absolutely, and we see that time and time again. It is not just about businesses or jobs—although clearly businesses and jobs are lost—but about the effect on people’s lives. I understand that as a business person myself. My business has been my life. If somebody had taken my business away...
The hon. Gentleman makes a good point about products and services being sold to consumers and businesses. The royal commission in Australia
determined that one of the biggest drivers of mistreatment of businesses and consumers was the incentives paid to people at the sharp end to sell those products. The...
The hon. Gentleman makes a good point about products and services being sold to consumers and businesses. The royal commission in Australia
determined that one of the biggest drivers of mistreatment of businesses and consumers was the incentives paid to people at the sharp end to sell those products. The...
It did not just affect Dean D’Eye but it deeply affected his father, who was almost bankrupted and lost his home.
It did not just affect Dean D’Eye but it deeply affected his father, who was almost bankrupted and lost his home.
Will the Minister give way?
Will the Minister give way?
I thank the Minister for giving way; he is an honourable and decent man. However, what shocks me most about all of this is that some banks are not acting decently and honourably. That really worries me; they should do that naturally. They are a bastion of our society, just...
I thank the Minister for giving way; he is an honourable and decent man. However, what shocks me most about all of this is that some banks are not acting decently and honourably. That really worries me; they should do that naturally. They are a bastion of our society, just...
It is a pleasure to serve under your chairmanship again, Mr Hollobone. I, too, pay tribute to my hon. Friend the Member for Thirsk and Malton (Kevin Hollinrake). Obviously, in this role, I have shadow Ministers shadowing my every move, but I also have my hon. Friend, who has spoken...
It is a pleasure to serve under your chairmanship again, Mr Hollobone. I, too, pay tribute to my hon. Friend the Member for Thirsk and Malton (Kevin Hollinrake). Obviously, in this role, I have shadow Ministers shadowing my every move, but I also have my hon. Friend, who has spoken...
I will just make my next point, then I will give way to my hon. Friend.
My hon. Friend the Member for Thirsk and Malton asked about the appropriateness of the Financial Conduct Authority carrying out a review under the senior managers and certification regime. As he will know, the FCA...
I will just make my next point, then I will give way to my hon. Friend.
My hon. Friend the Member for Thirsk and Malton asked about the appropriateness of the Financial Conduct Authority carrying out a review under the senior managers and certification regime. As he will know, the FCA...
My hon. Friend makes a powerful point, which goes to the core of this matter. The Cranston review points to the fact that we now have a higher bar of expectations in terms of how these redress schemes should be operated in a transparent way. He has spoken in this...
My hon. Friend makes a powerful point, which goes to the core of this matter. The Cranston review points to the fact that we now have a higher bar of expectations in terms of how these redress schemes should be operated in a transparent way. He has spoken in this...
I will in a moment.
The aforementioned Business Banking Resolution Service opened to expressions of interest last November, ahead of its full launch later this year. Meanwhile, the expansion of the FOS last April means that over 99% of all SMEs now have access to fair, free and fast dispute resolution.
The...
I will in a moment.
The aforementioned Business Banking Resolution Service opened to expressions of interest last November, ahead of its full launch later this year. Meanwhile, the expansion of the FOS last April means that over 99% of all SMEs now have access to fair, free and fast dispute resolution.
The...