Oral Answers to Questions Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Bill Esterson
Main Page: Bill Esterson (Labour - Sefton Central)Department Debates - View all Bill Esterson's debates with the Department for Business, Energy and Industrial Strategy
(7 years ago)
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Margot James
I suggest that the right hon. Gentleman hold fire until the Financial Conduct Authority has decided on what action it may still take. It is empowered to take action, and I totally agree with the sentiments behind his question.
Bill Esterson (Sefton Central) (Lab)
What happened at RBS’s Global Restructuring Group is a scandal of the highest order. Businesses were ruined; families were torn apart; and people took their own lives. The Minister must know that the FCA cannot deliver justice for the GRG’s victims on its own, because most business banking is unregulated. I have asked Ministers this question six times already, and I will ask it a seventh time: will the Government set up a judge-led inquiry into RBS GRG, or do they have something to hide?
Margot James
I can assure the hon. Gentleman that we have nothing to hide. I share the concerns about the practices of the Global Restructuring Group at RBS and the devastating impact on people’s businesses, which represent a lifetime’s work for many people. I am sure that we have not yet heard the last of this inquiry.