MPs debated the Financial Conduct Authority’s redress scheme

The debate was opened by Guto Bebb, Conservative MP for Aberconwy, at 1.17pm. Shadow Treasury Minister, Cathy Jamieson responded for the Opposition. Economic Secretary at HM Treasury, Andrea Leadsom, responded for the Government.

Watch the debate and read the transcript

• Watch Parliament TV: MPs debate the FCA redress scheme, Thursday 4 December 2014
• Read Commons Hansard: MPs debate the FCA redress scheme, Thursday 4 December 2014

Text of the Motion

MPs debated the following motion:

'That this House has considered the Financial Conduct Authority’s redress scheme, adopted as a result of the mis-selling of complex interest rate derivatives to small and medium sized businesses, and has found the scheme’s implementation to be lacking in consistency and basic fairness; considers such failures to be unacceptable; is concerned about lack of transparency of arrangements between the regulator and the banks; is concerned about the longer than expected time scale for implementation; calls for a prompt resolution of these matters; and asks for the Government to consider appointing an independent inquiry to explore both these failings and to expedite compensation for victims.'

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Further Information

• About Parliament: Select Committees
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