Business of the House

Guto Bebb Excerpts

Thursday 15th March 2012 Commons Chamber

[Sir George Young]

The hon. Gentleman has put this view forward consistently over a period of time and I commend him for his persistence. Such a matter would be for the Backbench Business Committee to find time to debate, but he might have seen in reports from my right hon. Friend the Prime Minister’s visit to America about the timetable for withdrawal that we will have withdrawn from the combat role by the end of 2014. Also, there will be regular statements on a quarterly basis updating Members on the position in Afghanistan; he might want to ask a question in response to one of those statements.

[Guto Bebb (Aberconwy) (Con)]

A report in last week’s Sunday Telegraph highlighted the mis-selling of complex interest rate swap products to small businesses, such as a hotel in my constituency owned by Mr Colin Jones. Those businesses clearly did not have the financial expertise to understand the risks to which they were being subjected as a result of signing the forms. The cases that have been highlighted are merely the tip of the iceberg, so may we have a debate about this issue and about the reluctance of the Financial Services Authority and the Financial Ombudsman Service to get involved in this mis-selling and protect the businesses in question?

[Sir George Young]

There might be an opportunity for my hon. Friend to raise this issue when the Financial Services Bill returns to the Floor of the House having completed its Committee stage. In the meantime I shall raise it with my hon. Friends at the Treasury. I would say, however, that anyone who is thinking of investing in such products should take independent professional advice before signing any contract.