Jim McGovern
Main Page: Jim McGovern (Labour - Dundee West)Department Debates - View all Jim McGovern's debates with the HM Treasury
(11 years, 7 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Osborne
We have increased capital investment from the period of the Labour Government. Capital spending as a percentage of our national income is more than under the Labour Government, and we have increased by £10 billion our spending on capital from the plans they left us. I agree that we should be using the Government’s credibility to do more, which is why the infrastructure guarantees and the housing guarantees are coming on stream. Guarantees are being written and that will help to build the infrastructure that this country needs.
Jim McGovern (Dundee West) (Lab)
3. What progress he has made on supporting victims of interest rate swap mis-selling.
The Financial Secretary to the Treasury (Greg Clark)
On 31 January, the Financial Services Authority published the findings of the pilot review into interest rate swap mis-selling. The full review of 40,000 cases is now under way, and the FSA says it should be completed within six months. Small business organisations played a major role in exposing the scandal, so I can announce to the House that from today bodies representing consumers, including small businesses, will be able to apply to make super-complaints to the Financial Conduct Authority, giving them fast-track access to the regulator. That important power should help to ensure that any future misconduct is detected quickly and put right.
Jim McGovern
I thank the Minister for that answer. My constituent, Mr James Boyle, has a contract with Clydesdale bank, which seems to be excluded from the review. The main banks—RBS, HSBC, Barclays and Lloyds—are all included. Why are the Clydesdale bank, and my constituent, excluded from the review?
Greg Clark
I can confirm that the Clydesdale bank has now become part of the review, as have all the other principal banks. The hon. Gentleman has raised the case of his constituent with me before; even though the product was not within the review’s terms of reference, Clydesdale has agreed to consider it as part of the review.