Oral Answers to Questions

Debate between Andrea Leadsom and Lord Bellingham

Thursday 2nd March 2017 Commons Chamber

[Andrea Leadsom]

It is absolutely the case that we will keep all regulations when we leave the EU so that regulations look the same the day after we leave as they did the day before. The hon. Gentleman will be aware that we are looking very carefully at the whole issue of air quality. We have spent more than £2 billion since 2010 on ultra-low emission vehicles and on trying to reduce the impact of poor air quality. There is more to be done, and we are looking closely at that.

[Sir Henry Bellingham (North West Norfolk) (Con)]

T4. Will the Secretary of State join me in paying tribute to poultry producers across Norfolk who set the highest animal welfare and biosecurity standards? There has obviously been concern about the recent avian flu outburst, but can she confirm that no poultry producers in Norfolk will lose their free-range status?

[Andrea Leadsom]

We are determined to hold this terrible disease at bay for the sake of our entire poultry sector, and our robust actions so far have included an amended avian influenza prevention zone from 28 February, which covers all of England and requires mandatory biosecurity for all keepers and the compulsory housing or netting of poultry and captive birds in defined higher-risk areas. That is very important for the entire sector.

Oral Answers to Questions

Debate between Andrea Leadsom and Lord Bellingham

Thursday 19th January 2017 Commons Chamber

[Andrea Leadsom]

Food prices are steady and have been reducing. There is a very recent small uptick, but generally food inflation has been low. As the Minister of State, my hon. Friend the Member for Camborne and Redruth (George Eustice), explained to the hon. Lady earlier, we do monitor the levels of expenditure on food very closely.

[Sir Henry Bellingham (North West Norfolk) (Con)]

T2. May I endorse what the Secretary of State has said about the superb work done by the emergency services and other voluntary groups along the east coast? What are she and her Department doing to support community interest companies, which can harness both the public and private sectors in finding additional funds for coastal and other defences?

Oral Answers to Questions

Debate between Andrea Leadsom and Lord Bellingham

Thursday 24th November 2016 Commons Chamber

[Andrea Leadsom]

The UK has some of the highest animal welfare, food safety and food traceability standards in the world, and we will always seek to maintain them, notwithstanding our international food export action plan, which seeks to promote great British food abroad as well as to take advantage of foreign direct investment to make our sectors even more successful.

[Sir Henry Bellingham (North West Norfolk) (Con)]

T3. Is the fisheries Minister aware that the shell fishery in the Wash is now the most prolific in Europe? We have recently seen record catches of shrimp, much of which is exported. However, this part of the fishery is at risk because of a permit system. Will he look into the situation, intervene and do his best to ensure that the fishery continues to thrive?

Financial Conduct Authority Redress Scheme

Debate between Andrea Leadsom and Lord Bellingham

Thursday 4th December 2014 Commons Chamber

[Andrea Leadsom]

I will certainly write to the FCA about all the cases raised in the Chamber today—and I will expect a reply.

[Mr Bellingham]

The key point is that some of the commercial loans—fixed-rate tailored business loans with hidden swaps—are not taken seriously by some banks. Indeed, some people in the FCA are saying that those loans are not regulated, so it would be very helpful if she looked at that point with the FCA.

[Andrea Leadsom]

Tailored business swaps were provided by largely Yorkshire and Clydesdale bank, which has voluntarily agreed to look at redress in a similar way to that in which the interest rate swap redress scheme works.

I want to move on because there is another debate to follow. Let me address some of the questions raised by my hon. Friend the Member for Aberconwy. He asked why some banks are not splitting the original loss and the consequential losses, and he pointed out that the amount of redress paid is inconsistent between banks. He mentioned the fact that a particular whistleblower says that banks have pressurised independent reviewers to serve the banks’ interests rather than those of the SME, and argued that the FCA is not showing the bank-by-bank redress numbers. He asked whether we should set up an appeals process for reviewers to look at each other’s banks’ reviews, and spoke about the lack of payment of consequential losses beyond the 8% that is normally provided. He addressed the issue of HMRC’s tax treatment of redress and of whether embedded swaps should be included. I want to run through those issues very quickly.

I can assure my hon. Friend and all Members that the FCA has been determined throughout the process to get to the bottom of this. Occasionally, Members might think that the FCA is not interested or not keen to resolve the matter, but that could not be further from the case. In particular, the FCA carefully considers any variance in redress offers to make sure that standards are applied consistently. It selects individual cases for review based on feedback from customers, campaign groups and MPs to ensure these have been dealt with fairly. Independent reviewers report regularly to the FCA, both on the judgments they are making and on how the banks are performing, and independent reviewers regularly meet each other to ensure a consistent approach to assessing claims.

My hon. Friend referred to the agreement between the FCA and the participating banks. As I understand it, this agreement sets out the principles of how the review should have been undertaken. I understand, too, that the FCA is prohibited from releasing these agreements by confidentiality restrictions. I can assure Members, however, that I will write to the FCA and ask for clarification, bearing in mind Members’ desire to have that made public if possible.