Banking Misconduct and the FCA

Debate between Joanna Cherry and Kirsty Blackman

Thursday 10th May 2018 Commons Chamber

[Kirsty Blackman]

This has not been widely covered in anything that has been published so far in relation to GRG. It would therefore be incumbent on any inquiry to take that into account.

The hon. Member for Thirsk and Malton (Kevin Hollinrake) mentioned the issues with the section 166 report and what was initially published. He made an important point, and I echo his sentiments. For hon. Members who have not read the report, it makes for devastating reading and is worth looking at.

The reality is that the redress scheme is not good enough. For a start, it does not have enough money to compensate victims adequately for what has happened to them. RBS will never be able to afford to fund all the claims being made by small or medium-sized businesses. As the redress scheme is run by the bank itself, it is fairly easy for the bank just to pay out to the victims, where the bank now has majority ownership and is therefore one of the main creditors. If there is not adequate external scrutiny, such situations can arise without check.

GRG was in the wrong. Everybody in this House agrees that GRG was in the wrong. RBS agrees that GRG is in the wrong, which is why it has a redress scheme. It is clear that the time for talking has passed. All of us standing around here are clear that something needs to be done. This issue has united the House, which does not happen very often. It is in the power of the Government to take actual action and to create a real system with proper redress.

[Joanna Cherry]

Does my hon. Friend agree that the Minister needs to give us some tangible gains to take away to our constituents—including my constituents Mr and Mrs Neave—as a result of today’s debate. We have been going around the houses for years now, as the hon. Member for Brentwood and Ongar (Alex Burghart) said.

[Kirsty Blackman]

I absolutely agree. The time for talking about this is over. It is time for the Government to take action. It is time for action to ensure that all our constituents can claim the redress that they should and that all business practices that devastated people’s lives are properly brought to light.

Taxation (Cross-border Trade) Bill

Debate between Joanna Cherry and Kirsty Blackman

2nd reading: House of Commons
Monday 8th January 2018 Commons Chamber

[Kirsty Blackman]

I picked South Korea and car manufacturing because the percentage is particularly high. However, many other areas of trade and exports have percentage requirements. Because we have not needed rules of origin for products from the UK—we have been able to add all the EU content—it has not been a consideration for businesses. They have been able to export if they can prove that a certain percentage is from the EU. It is an issue not only for the trade deal with Korea, but for all sorts of trade deals that the UK has because it is part of the EU. The concern is not that we will not be able to do new trading, but that our current trading will become a major issue as of March 2019, if we do not get the appropriate rollover and grandfathering in place.

[Joanna Cherry (Edinburgh South West) (SNP)]

Perhaps my hon. Friend will join me in correcting the hon. Member for Walsall North (Eddie Hughes), as South Korea is very important for Scottish trade. As a result of the EU-negotiated deal, whisky goes to South Korea on a 0% tariff. The former chief executive of the Scottish Whisky Association has expressed the view that without the heft of the EU, Scottish whisky—the UK’s biggest export—would not have had the benefit of that deal.