Ministerial Corrections
(8 years, 9 months ago)
Ministerial CorrectionsRead Full debate Read Hansard Text
Treasury
(8 years, 9 months ago)
Ministerial CorrectionsRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Harriett Baldwin
My right hon. Friend the Member for Cities of London and Westminster spoke up for his constituency. He mentioned a problem with interest rate swap claims running out of time, which I would like to take up with him on a separate occasion, if I may. I want to clarify that the power to appoint deputy governors is not the Governor’s alone; it is actually an appointment of the Queen, with the consent of the Chancellor.
[Official Report, 1 February 2016, Vol. 605, c. 699.]
Letter of Correction from Harriet Baldwin:
An error has been identified in my winding-up speech on the Second Reading of the Bank of England and Financial Services Bill [Lords] on 1 February 2016.
The correct response should have been:
Harriett Baldwin
My right hon. Friend the Member for Cities of London and Westminster spoke up for his constituency. He mentioned a problem with interest rate swap claims running out of time, which I would like to take up with him on a separate occasion, if I may. I want to clarify that the power to appoint deputy governors is not the Governor’s alone; it is actually an appointment of the Queen, on the advice of the Chancellor.
Financial Conduct Authority
The following is an extract from the debate on the Financial Conduct Authority on 1 February 2016:
Harriett Baldwin
The FCA has established a redress scheme for small businesses that were mis-sold interest rate hedging products to ensure that eligible businesses are compensated. So far the scheme has paid out on 18,000 cases, and more than £2 billion has been paid in redress, including £464 million to deal with consequential losses.
[Official Report, 1 February 2016, Vol. 605, c. 747.]
Letter of correction from Harriett Baldwin:
An error has been identified in my response to the debate on the Financial Conduct Authority.
The correct response should have been:
Harriett Baldwin
The FCA has established a redress scheme for small businesses that were mis-sold interest rate hedging products to ensure that eligible businesses are compensated. So far banks have sent more than 18,000 determination letters, and more than £2 billion has been paid in redress, including £464 million to deal with consequential losses.