Ian Swales
Main Page: Ian Swales (Liberal Democrat - Redcar)Department Debates - View all Ian Swales's debates with the HM Treasury
(12 years, 5 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Osborne
I do not think that that question deserves an answer. The inquiry will do its job, and I hope it will do so on a cross-party basis.
Ian Swales (Redcar) (LD)
With Friday’s FSA report into the inappropriate selling of base rate swap products, does the Chancellor believe that the culture behind that latest scandal should also be part of the inquiry?
Mr Osborne
The Joint Committee will look more broadly at the culture in the banking industry, but the very specific point that my hon. Friend makes is about a mis-sold retail product. What I want to do, and what I am sure our constituents would want us to do, is make sure that the compensation is paid out as quickly as possible. I do not want any inquiry to delay that. We want to make sure that small businesses, in particular, which are having cash-flow problems because of the products that they were mis-sold, get the compensation they need. I do not want to impede that process.