Interest Rate Swap Derivatives

Debate between Steve Brine and Guto Bebb

Thursday 24th October 2013 Commons Chamber

[Guto Bebb]

My hon. Friend mentions the sophistication test, and I will be coming to that; it is indeed something that concerns me and the all-party group.

We have found consistently that banks are admitting a mis-sale in about 93% of cases. Had we found, in the consumer mortgage market, that 93% of mortgages had been mis-sold, would we have allowed nine months to pass between those findings and the situation we now face? We have to ask the question: is it right that these businesses should be treated differently because they are small businesses, when we have found that there has clearly been mis-selling?

[Steve Brine (Winchester) (Con)]

I have many constituents, some of whom are outside this place today, whose businesses are in limbo while they wait for this interminable delay to be sorted. They are unable to press on and employ the people they want to, to grow their businesses, pay their taxes and help to grow the economy, which is what we all need to happen. That is the bigger point in this debate: the impact on the wider economy.