Bill Esterson
Main Page: Bill Esterson (Labour - Sefton Central)Department Debates - View all Bill Esterson's debates with the HM Treasury
Clydesdale Bank and SMEs
Bill Esterson Excerpts(5 years, 9 months ago)
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John Glen
I believe the dispute resolution service that has been set up gives the scope to go back over 10 years of disputed cases, and there is a desire to provide quick access. As the right hon. Gentleman points out, some of these cases have been going on for far too long. The situation is that the banks were in a very bad place with respect to the power they wielded over individuals and small businesses. They want to sort this out, and that is why they have engaged constructively in the construction of this dispute resolution service.
Bill Esterson (Sefton Central) (Lab)
Like other Members who have spoken, I have a number of constituents whose businesses were ruined by the actions of the banks. I think this is a much larger-scale problem than the Minister perhaps implied in some of his earlier answers. It is about an imbalance of power in the relationship between the banks and their customers. The banks have had years to provide redress and they have had years of a voluntary system in that regard, so how is a new voluntary tribunal system going to provide the redress the banks need to provide? Surely the time will come when the Minister will need to make this a mandatory system to provide the justice needed by small business customers who were ruined?