(5 months, 3 weeks ago)
Commons ChamberThe hon. Lady makes a powerful representation on behalf of Linda, Vera and so many others. I can assure her that speed is of the essence. In all circumstances I am trying to move forward, with the will of the House as it is. I cannot account for when electoral events will be triggered, but I can say that the points about sensitivity to the individual experience and the stigma and trauma associated with engaging with officialdom in all aspects need to be properly addressed through the way that the arm’s length body is operated.
I want to put on record the tenacity of my constituent Steve Bartram, a victim of the blood scandal. He contracted hepatitis when he was seven after being experimented on. He was driven out of his home because people believed that he had an infectious disease and had to be run out. He then came to my constituency. I say to the Minister that Steve welcomes what has been said but is anxious, like thousands of others, that it will not work out. I guess he could look at a compensation scheme like the one for the Windrush scandal, where less than 10% of those who are owed compensation have received anything. Steve and many others, with good reason, are extremely anxious that the Government will follow through on this. Can the Minister ensure that they do?
I thank the hon. Gentleman for his question. It is a reasonable characterisation that this is welcome but that there is anxiety. It is my job to meet that anxiety with practical steps that secure confidence in the passage to full delivery. I have set out those in some detail. There will be a number of documents that the hon. Gentleman can send to his constituents to support what I have said, as can all colleagues across the House. I hope that will be helpful and informative and will remove some of the anxiety that exists.
(6 years, 9 months ago)
Commons ChamberI thank the Minister for his response, and I thank all the hon. Friends and hon. Members across the House who have taken part in this passionate debate today, whether they are self-confessed capitalists, such as the hon. Member for Hazel Grove (Mr Wragg), seeking to challenge crony capitalism or those such as my right hon. Friend the Member for Tynemouth (Mr Campbell) who are perhaps seeking more traditional socialist transitional demands. There has been almost unanimous support across the House for the motion. We want justice for our constituents and a banking system fit for the 21st century. In effect, we seek nothing less than the renewal of the broken social contract between banks and the public. Unfortunately, the language used in today’s debate has painted a picture of a social contract that lies in tatters. We have heard references to a web of deceit, a dash for cash, systemic abuse, parasitic relationships and asset stripping. Three words that we have heard repeatedly today are “enough is enough”.
I want to make a couple of comments about the Minister’s input. He said in his opening remarks that he and his Government would stop at nothing and spoke of the need for a fundamental culture change, but he then offered little except more warm words. I understand that he has been in his job for just seven days, but this situation has been going on for some time now and the issues are out there, a point which has been made clearly by Members across the House. The Government still seem to favour a solution involving the Financial Ombudsman Service, but even with some extension of its role, it is suitable only for low-level disputes. It has no powers of disclosure. It cannot enforce decisions. It has no teeth. It cannot adjudicate. It cannot deal with complex cases.
I fully recognise the frustration that the hon. Gentleman is expressing, but I also said that the Government rule nothing out. We will see what the proposals are and respond accordingly. I think that that is a reasonable position given the relationship between the Government and the FCA.
I acknowledge the Minister’s remarks, but time is not on the side of many people, so many of whom have been affected for so many years. I understand the Government’s reluctance to say anything today, but they must come to a conclusion quickly. From listening to Members from across the House, we understand that if we rebuild justice and confidence in our banking system, that would be good for business and good for banks and would maximise our country’s economic potential. I will conclude with the words of the late, great Errol Brown of Hot Chocolate fame—one of my favourites—because if we get this right,
“Everyone’s a winner, baby”.
Question put and agreed to.
Resolved,
That this House is deeply concerned by the treatment of small and medium-sized enterprises (SMEs) by the Global Restructuring Group of the Royal Bank of Scotland; notes that there are wider allegations of malpractice in financial services and related industries; believes that this indicates a systemic failure to effectively protect businesses, which has resulted in financial scandals costing tens of billions of pounds; further believes that a solution requires the collective and collaborative effort of regulators, Parliament and Government; and calls for an independent inquiry into the treatment of SMEs by financial institutions and the protections afforded to them, and the rapid establishment of a tribunal system to deal effectively with financial disputes involving SMEs.