Business of the House

Mark Lazarowicz Excerpts

Thursday 31st January 2013 Commons Chamber

[Mr Lansley]

My hon. Friend makes an important point, and it is absolutely right to follow up the matter from last week. Upstairs this morning, the Parliamentary Commission on Banking Standards is taking further evidence on the mis-selling of interest rate swaps, forming part of its further inquiries into banking standards. In addition, I will talk to my colleagues about updating the House on what can be done to ensure that small businesses do not continue to be borne down by the cost of mis-sold policies of that kind.

[Mark Lazarowicz (Edinburgh North and Leith) (Lab/Co-op)]

On that very point, I urge the Leader of the House to ensure that we do indeed get this type of report before the House. Many of the businesses concerned are in dire straits and need action and compensation now. They do not really want to wait for the outcome of reports and investigations by other Committees. Given that there are six weeks before the next Treasury questions, may we have a statement from a Treasury Minister about what can be done?

[Mr Lansley]

The hon. Gentleman has made an important point, which I completely understand. The length of time that it took for the FSA to undertake its investigation, and its explanation of the difficulties of investigating individual cases, demonstrate the scale of the problem in relation to any individual policy, but today’s report indicates the need for the sector across the board to try not to deepen the harm done to companies, in terms of the policies that they have taken up and also in terms of where they stand at present. I will consult my colleagues on possible opportunities for a debate, but it might also be possible to arrange one by means of an application to the Backbench Business Committee.