Clydesdale Bank and SMEs

Debate between Sammy Wilson and John Glen

Tuesday 19th March 2019 Commons Chamber

[John Glen]

I thank the hon. Gentleman for his comments. The key issue for many of these people, who have been waiting for a very long time—sometimes up to 10 or 11 years and longer—is to make sure they can get access to a mechanism that interrogates the evidence and deals with it swiftly. I was not indicating to my hon. Friend the Member for Thirsk and Malton (Kevin Hollinrake) that we should not say there are not parallels or themes, but I just feel that we have to look at the evidence on a case-by-case basis. I am certain that there is good will in the dispute resolution mechanism to interrogate thoroughly past cases that are unresolved.

[Sammy Wilson (East Antrim) (DUP)]

We acknowledge the work that the Government have done to date, and the point the Minister made about the need to strike a balance between banks being able and encouraged to lend and, at the same time, meeting the interests of their customers. Does he agree with me that an equally important balance is that between powerful financial institutions that have all the resources—and sometimes the resources of the state—behind them and small businesses that have been damaged economically by the actions of those banks and very often do not have the resources to fight back? Despite all the measures undertaken, 10 years down the line many are still seeking redress, still finding themselves blocked by the actions of the banks and now, ahead of the historical compensation scheme coming in, finding themselves forced into the courts and perhaps having their cases dealt with before the scheme comes in. Does he not agree that now is the time for an independent financial services tribunal, and for the FCA to make it clear to the banks that, ahead of the historical compensation scheme coming in, no further court action should be taken against individuals?

[John Glen]

I believe the dispute resolution service that has been set up gives the scope to go back over 10 years of disputed cases, and there is a desire to provide quick access. As the right hon. Gentleman points out, some of these cases have been going on for far too long. The situation is that the banks were in a very bad place with respect to the power they wielded over individuals and small businesses. They want to sort this out, and that is why they have engaged constructively in the construction of this dispute resolution service.