Business of the House

Guto Bebb Excerpts

Thursday 1st November 2012 Commons Chamber

[Mr Lansley]

As the hon. Gentleman will know, the Prime Minister responded to a question about that on the Wednesday before last. However, I understand that the former International Development Secretary is due to give evidence to the International Development Committee, which will provide an opportunity for the position to be set out very clearly.

[Guto Bebb (Aberconwy) (Con)]

The interest rate swap mis-selling scandal, to which Members on both sides of the House have drawn attention, resulted in the setting up of a redress scheme by the Financial Services Authority. May we have a debate on the issue in Government time before Christmas, once the pilot programme for the scheme has been completed?

[Mr Lansley]

The issue of redress is important. As my hon. Friend knows, it is important for the pilot scheme for the review process to be completed—although it has now been extended for two weeks—and to focus on the need to provide redress for customers, when appropriate, as swiftly as possible, because of the impact on small businesses of the mis-selling of interest rate hedging products. I will ask my colleagues whether there will be any opportunities for the issue to be raised in a debate—I am not aware of one at present—but the hon. Gentleman should consider using the Parliamentary Commission on Banking Standards, for instance, as a mechanism enabling him to raise the issue more extensively.