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.