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To ask the Chancellor of the Exchequer, further to the answer of 16 December 2025 to Question 98338, whether she has reviewed the Bank Confidential report; and if she will establish a judge-led inquiry into its findings.
To ask the Chancellor of the Exchequer, further to the answer of 16 December 2025 to Question 98338, whether she has reviewed the Bank Confidential report; and if she will establish a judge-led inquiry into its findings.
The Treasury is aware of the Bank Confidential report about former misconduct in SME banking by the NatWest Group. The Government also recognises the serious impact that historical issues of misconduct have had on small businesses, and we acknowledge the significant distress and hardship this has caused to many business owners.
Successive Governments, as well as the Financial Conduct Authority, working with lenders, have taken steps that aimed to address these issues. This included helping to establish and support a range of compensation and redress schemes to enable those affected to seek appropriate compensation, with redress over interest rate hedging rate disputes alone paying out more than £2bn to affected customers.
As I set out in my previous response, the Government keeps the financial services regulatory framework under ongoing review, working closely with the Financial Conduct Authority.
To ask the Chancellor of the Exchequer, whether she is taking steps to ensure that people affected by interest rate hedging products are compensated.
To ask the Chancellor of the Exchequer, whether she is taking steps to ensure that people affected by interest rate hedging products are compensated.
The Government recognises the impact that the historic mis‑selling of interest rate hedging products (IRHPs) has had on many SMEs, and we acknowledge the distress this caused.
Responsibility for regulating the sale of these products, and for ensuring appropriate redress, rests with the independent Financial Conduct Authority (FCA). The FCA required the major banks to carry out a comprehensive review of past IRHP sales. This led to around 14,000 businesses receiving a total of £2.2 billion in redress.
The Government believes this industry‑wide redress scheme broadly met its objectives in delivering compensation to businesses that were mis‑sold these products. The Government has always been clear that mis‑selling of financial products is completely unacceptable. That is why we supported both the FCA’s redress scheme and its decision to commission an independent ‘lessons‑learned’ review of its supervisory interventions in relation to IRHPs. The FCA accepted the majority of the recommendations from that review, and, in light of the review’s findings, it also carefully considered whether further steps should be taken to facilitate access to redress for customers who had initially been excluded.
More generally, the Government continues to keep the financial services regulatory framework under review, working closely with the FCA to help ensure that consumers and businesses are protected and have clear, effective routes to compensation where misconduct occurs.
To ask the Secretary of State for Business and Trade, what steps his Department is taking to ensure that individuals who have been paid below the statutory minimum wage in circumstances involving mislabelled apprenticeships are compensated.
To ask the Secretary of State for Business and Trade, what steps his Department is taking to ensure that individuals who have been paid below the statutory minimum wage in circumstances involving mislabelled apprenticeships are compensated.
Employers are required by law to pay their apprentices the correct rate of the National Minimum Wage. An apprenticeship combines on the job learning and classroom-based learning. Employers cannot call a worker an apprentice if they are not genuinely an apprentice.
The existing enforcement mechanisms in place already protects workers and we are creating the Fair Work Agency to deliver a much-needed upgrade to enforcement of employment rights. The Fair Work Agency will provide better support to businesses on how to comply with the law and will take tough action against rogue employers who exploit their workers.
If a worker believes they are not being paid correctly, they can seek confidential advice. If HMRC finds an employer has underpaid their workers, the employer is required to pay back the full amount owed to the worker and a penalty to the government.
To ask the Chancellor of the Exchequer, if she will take steps to help ensure that consumers impacted by mis-sold car finance deals receive compensation.
To ask the Chancellor of the Exchequer, if she will take steps to help ensure that consumers impacted by mis-sold car finance deals receive compensation.
The Supreme Court has now clarified the law in relation to commission practices in the motor finance sector. The government respects the Supreme Court’s judgment and is working closely with the Financial Conduct Authority and Prudential Regulation Authority to understand the impact for both firms and consumers.
The government notes the recent statement by the Financial Conduct Authority that it will be consulting on a consumer redress scheme in October. The FCA propose that the scheme covers discretionary commission arrangements - a practice banned in 2021 that allowed dealers to vary interest rates for higher commissions. The FCA will also consult on which non-discretionary commission agreements should be included.
To ask the Chancellor of the Exchequer, if she will hold discussions with the Financial Conduct Authority on the steps it is taking to ensure that all consumers who were mis-sold car finance are fully compensated.
To ask the Chancellor of the Exchequer, if she will hold discussions with the Financial Conduct Authority on the steps it is taking to ensure that all consumers who were mis-sold car finance are fully compensated.
The Supreme Court has now clarified the law in relation to commission practices in the motor finance sector. The government respects the Supreme Court’s judgment and is working closely with the Financial Conduct Authority and Prudential Regulation Authority to understand the impact for both firms and consumers.
The government notes the recent statement by the Financial Conduct Authority that it will be consulting on a consumer redress scheme in October. The FCA propose that the scheme covers discretionary commission arrangements - a practice banned in 2021 that allowed dealers to vary interest rates for higher commissions. The FCA will also consult on which non-discretionary commission agreements should be included.
To ask His Majesty's Government whether they intend to ensure that consumers receive compensation from unlawful car finance schemes.
To ask His Majesty's Government whether they intend to ensure that consumers receive compensation from unlawful car finance schemes.
As the UK’s independent regulator, the FCA is responsible for regulating the motor finance market. It has robust powers to protect consumers and is currently investigating historic practices in the motor finance sector.
The government is aware of the recent Court of Appeal ruling in relation to commission practices in the motor finance sector. We are working closely with the Financial Conduct Authority (FCA) and Prudential Regulation Authority to understand the implications of the judgement.
To ask the Chancellor of the Exchequer, what his expected timetable is for all clients who were mis-sold timeshares between 2014 and 2021 to receive compensation.
To ask the Chancellor of the Exchequer, what his expected timetable is for all clients who were mis-sold timeshares between 2014 and 2021 to receive compensation.
In cases where a consumer took out a regulated financial product to purchase a timeshare, they may be able to make a compensation claim to the loan provider and may have recourse to Financial Ombudsman Service (FOS) if the product was mis-sold.
The FOS is an independent non-governmental body established to provide consumers and small businesses with a free, independent service that enables the proportionate, prompt and informal resolution of disputes with financial services firms. Although the Treasury sets the legal framework for the regulation of financial services, it has no investigative powers of its own and cannot intervene in individual cases.
The Financial Conduct Authority (FCA) Handbook, which sets out the rules on how the FOS should handle complaints, states that ‘the ombudsman will attempt to resolve complaints at the earliest possible stage’. Ensuring timely outcomes is one of the FOS’s main priorities for 2024-25 and it has set itself the target of resolving 90 per cent of cases within 5 months.
To ask the Chancellor of the Exchequer, whether he has taken steps with Cabinet colleagues to ensure compensation payments to consumers who were missold timeshares are delivered in a timely manner.
To ask the Chancellor of the Exchequer, whether he has taken steps with Cabinet colleagues to ensure compensation payments to consumers who were missold timeshares are delivered in a timely manner.
The regulations surrounding the sale of timeshares and credit agreements relating to timeshares provide routes of redress where consumers have been misled.
Firstly, it is an offence under the Consumer Protection from Unfair Trading Regulations 2008 for traders to mislead consumers, and it is punishable by a fine up to the statutory maximum enforced by local authority Trading Standards. The regulations provide for the consumer to seek redress through the courts where they have been misled.
Regarding the timeshare market specifically, the Timeshare, Holiday Products, Resale and Exchange Regulations 2010 provide protections for consumers buying and selling timeshares and other long-term “holiday club” memberships, including provision for consumers to withdraw from their contract.
In cases where a consumer took out a regulated financial product to purchase the timeshare, they may be able to make a compensation claim to the loan provider and may have recourse to Financial Ombudsman Service (FOS).
The Financial Conduct Authority (FCA) Handbook, which sets out the rules on how the FOS should handle complaints, states that ‘the ombudsman will attempt to resolve complaints at the earliest possible stage’. Ensuring timely outcomes is one of the FOS’s main priorities for 2024-25 and it has set itself the target of resolving 90 per cent of cases within 5 months.
To ask the Chancellor of the Exchequer, whether his Department has had discussions with the Financial Conduct Authority on the level of fees charged by companies for supporting people with claims relating to payment protection insurance.
To ask the Chancellor of the Exchequer, whether his Department has had discussions with the Financial Conduct Authority on the level of fees charged by companies for supporting people with claims relating to payment protection insurance.
Treasury ministers and officials have regular engagement with the Financial Conduct Authority (FCA) as part of the process of policy development and delivery. As was the case with previous administrations, it is not the Government’s practice to provide details of all such meetings.
Claims Management Companies supporting any remaining payment protection insurance (PPI) claims remain subject to a 20 per cent fee cap, as set in the Financial Guidance and Claims Act 2018. Further information on this PPI fee cap can be found in the FCA handbook, Section 5.1 of the Claims Management: Conduct of Business sourcebook.
I beg to move,
That this House has considered the funeral plan industry.
It is a great pleasure to serve under your chairmanship for the first time, Mrs Cummins. I am grateful to the Chairman of Ways and Means, for her wisdom in selecting this afternoon’s debate; amid the noise and chaos...
I beg to move,
That this House has considered the funeral plan industry.
It is a great pleasure to serve under your chairmanship for the first time, Mrs Cummins. I am grateful to the Chairman of Ways and Means, for her wisdom in selecting this afternoon’s debate; amid the noise and chaos...
Does the hon. Lady share my concerns about some of the practices and sales techniques that are used to get people to sign up to these plans? She has already mentioned that people are vulnerable, but when we read the small print in the glossy brochures that are provided, it...
Does the hon. Lady share my concerns about some of the practices and sales techniques that are used to get people to sign up to these plans? She has already mentioned that people are vulnerable, but when we read the small print in the glossy brochures that are provided, it...
The right hon. Gentleman is absolutely correct, and I will come on to some of those high-pressure sales techniques, which I very much hope the new regulatory regime will remove.
The Funeral Planning Authority held itself out as providing some form of oversight, giving itself a veneer of respectability as a...
The right hon. Gentleman is absolutely correct, and I will come on to some of those high-pressure sales techniques, which I very much hope the new regulatory regime will remove.
The Funeral Planning Authority held itself out as providing some form of oversight, giving itself a veneer of respectability as a...
Does the hon. Lady agree not only that it needs to be clear what people are purchasing, but that if the people selling the plans are receiving commission —in some of the examples I have come across, the third party selling them has been on commission—that should be clearly stated,...
Does the hon. Lady agree not only that it needs to be clear what people are purchasing, but that if the people selling the plans are receiving commission —in some of the examples I have come across, the third party selling them has been on commission—that should be clearly stated,...
The right hon. Gentleman is absolutely right. The lack of transparency is a significant feature of where this industry has gone astray.
Protecting funeral plan holders from some of their loss, which is what is suggested, is not good enough, and nor should the industry expect taxpayers to bail it out....
The right hon. Gentleman is absolutely right. The lack of transparency is a significant feature of where this industry has gone astray.
Protecting funeral plan holders from some of their loss, which is what is suggested, is not good enough, and nor should the industry expect taxpayers to bail it out....
It is a pleasure to serve under your chairmanship, Mrs Cummins. I thank the hon. Member for Telford (Lucy Allan) for securing this debate.
As the hon. Lady said, this debate concerns some of the most vulnerable people in our society. Do I agree with what she said about whether we...
It is a pleasure to serve under your chairmanship, Mrs Cummins. I thank the hon. Member for Telford (Lucy Allan) for securing this debate.
As the hon. Lady said, this debate concerns some of the most vulnerable people in our society. Do I agree with what she said about whether we...
It is a pleasure to serve under your chairship, Mrs Cummins, and I congratulate the hon. Member for Telford (Lucy Allan) on securing this important debate on an issue that I agree needs far more attention. I am surprised that there are not more Members present, but I am delighted...
It is a pleasure to serve under your chairship, Mrs Cummins, and I congratulate the hon. Member for Telford (Lucy Allan) on securing this important debate on an issue that I agree needs far more attention. I am surprised that there are not more Members present, but I am delighted...
It is a pleasure to serve under your chairmanship, Mrs Cummins. I congratulate the hon. Member for Telford (Lucy Allan) not only on securing this debate, but on the manner in which she has pursued this issue on behalf of her—and all of our—constituents.
Funeral plans are something that I have...
It is a pleasure to serve under your chairmanship, Mrs Cummins. I congratulate the hon. Member for Telford (Lucy Allan) not only on securing this debate, but on the manner in which she has pursued this issue on behalf of her—and all of our—constituents.
Funeral plans are something that I have...
It is a pleasure to serve under your chairmanship, Mrs Cummins. I congratulate the hon. Member for Telford (Lucy Allan) on securing the debate. She set out some important issues in her opening speech. I thank my right hon. Friend the Member for North Durham (Mr Jones) and my hon....
It is a pleasure to serve under your chairmanship, Mrs Cummins. I congratulate the hon. Member for Telford (Lucy Allan) on securing the debate. She set out some important issues in her opening speech. I thank my right hon. Friend the Member for North Durham (Mr Jones) and my hon....
It is a pleasure to serve under your chairmanship, Mrs Cummins. I thank hon. Members who contributed to the debate: the hon. Members for Putney (Fleur Anderson) and for Gordon (Richard Thomson), the right hon. Member for North Durham (Mr Jones), and of course my hon. Friend the Member for...
It is a pleasure to serve under your chairmanship, Mrs Cummins. I thank hon. Members who contributed to the debate: the hon. Members for Putney (Fleur Anderson) and for Gordon (Richard Thomson), the right hon. Member for North Durham (Mr Jones), and of course my hon. Friend the Member for...