To ask Mr Chancellor of the Exchequer, if he will investigate whether senior employees of RBS have acted fraudulently in relation to interest swap arrangements with customers deemed to be sophisticated.
21 July 2015
The Government has been very clear that the mis-selling of financial products is wrong and it is important that those businesses that have been affected are compensated. In May 2013, the Financial Conduct Authority (FCA) launched a redress scheme for small businesses which had been mis-sold Interest Rate Hedging Products (IRHPs). The scheme is now close to conclusion and, to date, 17,000 small and medium-sized enterprises (SMEs) have been through the FCA redress scheme. Of these, 12,000 SMEs have accepted their offer, amounting to over £1.9 billion in payouts. Any investigation would be a matter for the FCA in its role as independent regulator.